A break below 1.17 could see price continue with the established downtrend whereas a break above the resistance trend line (red) could indicate the start of a larger bullish retracement within wave 4 (pink) or wave B (if wave A light purple has been completed). Price needs to break above 1.20 before wave A is considered complete.
EUR/USD Daily Forecast - 23 May
The EUR/USD bullish rally has disappeared and price is now retesting the 1.1750 support zone again, which is a critical and key decision zone for a downtrend continuation or larger bullish reversal.
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