If the EUR/USD completed the wave W (magenta) then a retracement for wave X (magenta) before a new rise for Wave Y (magenta) seems like the most probable path at the moment.
1 hour
Yesterday's price action is most likely a bullish momentum and therefore label
The EUR/USD did bounce at the support of wave X (green) yesterday and coudl be heading towards the Fibonacci targets of the wave Y's (purple and green).
1 hour
Yesterday's price action is most likely a bullish momentum and therefore labeled as a wave A (orang
The EUR/USD bullish move up fell short of the main Fibonacci targets (61.8% as the first one), which could either be a retracement for a wave X (orange) or a change in wave count (if price breaks below wave X (green).
The EUR/USD could be expanding the wave Y (blue) correction with a wave WXY (magenta).
1 hour
The wave X (green) seems to be completed at the 61.8% Fibonacci retracement and price might be able to breakout towards the wave Y (green) Fibonacci targets.