The EUR/USD failed to break above the resistance trend line (red) and instead broke below the support trend line (dotted blue). This indicates the potential for a deeper wave B (purple), which will probably test the 61.8% Fibonacci retracement level of wave B vs A and the support zone around the round level of 1.15.
The EUR/USD could be building a bearish wave 5 (orange) within a wave C (green). The price is expected to move lower and challenge the Fibonacci levels of wave Y (blue), which in turn could become potential bouncing spots if the zone acts as support.This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.