EUR/USD Bullish Wave C Within Bearish ABC Pattern

EUR/USD is building a bearish pullback within the long-term uptrend. Price action is expected to build either an ABC or ABCDE triangle pattern (pink) on the daily chart.

The EUR/USD seems to have completed a wave 3 (purple) at the recent high. This means that the current pullback is likely a wave 4 (purple).

On the 4 hour chart, the bearish price action respected the previous bottom and made a bullish bounce. This seems to confirm a bullish ABC (orange) in wave B (grey).

This article reviews what price movement to expect during the pullback. We also analyze the key support and resistance zones.