The EUR/USD bullish breakout above the key resistance zone (dotted red) created a strong push up but price is testing the support zone quicker than expected.
Price is now testing a key bouncing spot. A bullish continuation could take place if price manages to break above the resistance trend line (orange). The targets are the 78.6% and 100% Fibonacci levels around 1.1820 and 1.950-1.20.
The EUR/USD key support zone is the Fibonacci levels of the wave 4 (green) pattern. A bounce above the 61.8% and break above the resistance line (orange) indicates a potential continuation within wave 3 (blue) whereas a bearish breakout below support invalidates the bullish scenario.