the EUR/USD is building a sideways correction which is indicated by the multiple support (blue) and resistance (red) trend lines. The EUR/USD is now waiting for a breakout before the larger trend and wave patterns become more clear.
The EUR/USD bearish breakout below the support zone (blue lines) would confirm the potential wave 5 (green) pattern within the larger downtrend (waves 3 blue and purple) whereas a bullish break above the resistance trend lines (red) could indicate a reversal and a bullish ABC pattern (red letters). Both breakouts could be aiming for the Fibonacci levels.
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Good trading, Chris Svorcik