Price is not moving away from the resistance. If price breaks through it, then the invalidation level of the current wave 4 (blue) count is at the bottom of wave 1 (blue).
60 min EURUSD:
Although price is at resistance on a higher time frame, on this chart
Yesterday price retraced back to the 50 Fibonacci retracement, which is usually the maximum pullback for a wave 4. The invalidation level of the wave 4 (blue) count is the bottom of wave 1 (blue)
The EURUSD bounce at the support trend line (green) could be part of wave 2 (red) which has an invalidation level at the top of wave 1 (red). This Wednesday’s FOMC event however could drastically change the landscape: one of the alternative wave counts wou