The EUR/USD showed strong bearish momentum yesterday which could indicate a continuation of the downtrend if price manages to break below the previous bottom. In that case, price could be aiming at the weekly 50% Fib at 1.1450. A bullish bounce at support however could also confirm the current ABC (pink) wave pattern.
The EUR/USD has either completed a bearish ABC (purple) pattern or is building a bearish 123 (red) wave count. Price is probably a wave 3 if price manages to break below the support trend line (blue) whereas an ABC pattern is more likely if price breaks the resistance trend lines.
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