The EUR/USD has bounced at the 61,8% Fibonacci retracement level which could be explained by a wave B (lavender). A potential continuation rally could face resistance at the trend line (red) or Fibonacci targets of wave C.
The EUR/USD alternative wav
...The EUR/USD made a bullish recovery rally at the major support level (green).
The EUR/USD broke the resistance line (orange) and made a rally which could be explained by a wave 1 or a wave A (both scenarios are plotted on the chart). A wave C would
...The EUR/USD is glued to an important support level at 1.08(20), which is indicated by the horizontal line (green). A break could see price move lower to the next target whereas a bounce could see price make a move up to the next resistance (red).
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...Weekly video where various pairs are discussed like EUR/USD support at 1.08, the GBP/USD uptrend, the AUD/USD downtrend.
The EUR/USD has approached the previous bottom (green), which is a major bounce or break spot and a potential indicator of intermediate direction of the market.
The EUR/USD wave C (blue) has reached the typical 100% Fibonacci target and could use it
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