The EUR/USD has shown a deep pullback within the potential wave 2 (brown) up to the 88.6% Fibonacci retracement level. A break above the purple line invalidates the current wave 1-2 (brown) structure.
Whether the EUR/USD is indeed in a wave 1-2 (brown) depends if price will make a bearish turn prior to breaking the top (purple line / 100% Fib). A break of the various support levels (green) could initiate the start of the wave 3 or C (green).
FX weekly video recap of the EURUSD hitting the 78.6% Fibonacci retracement level, the GBPUSD respecting the Fib levels but potential space higher, USDJPY choppiness and AUDUSD target nearby.
The EUR/USD respected the 78.6% Fibonacci level after price broke the resistance at around 1.1325. The invalidation level of the wave 1-2 (brown) is the purple line. A break below support most likely confirms the development of the wave 3 or C (green).
The EUR/USD broke the resistance trend line (dotted red) with a lot of hesitation. Price is still respecting the heavy resistance layer at around 1.1325 which is the 61.8% Fibonacci retracement level of wave 2 (brown). A break of the various support levels