As we can see, a 5 wave movement followed by a 3 wave retracement wave is completed and is followed by a strong bullish movement to the upside recently. This show us that there is more to come from this BULLISH movement, potentially a new wave forming. However, for now, I see a nice BEARISH trade opportunity to 23.6 fib level (also a support level there) where there is much price consolidation at that level. After which, I will closely take a look at price level at that level as a breakout of the support means that the double head pattern is valid. Otherwise, a rejection off this level could mean that wave 3 is about to form giving us a nice BULLISH potential to the upside. Personally, I will be seeing a new wave forming for EURUSD but adapting to price level is definitely what we should be doing. Currently, we are in a BULLISH flag pattern which also give us additional bullish potential in the long run if we see a breakout from there.
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