The EUR/USD made a bullish bounce at the previous bottom near 1.13. A bullish breakout could indicate a larger reversal whereas a break below 1.13 confirms a downtrend channel.
The EUR/USD seems to have completed 5 bearish waves and could be building a potential wave 1-2 (blue) as long as price stays above the bottom and 100% Fibonacci level. A break below 1.13 invalidates this wave 1-2 pattern.
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