4 hour

The EUR/USD is breaking below the support trend line (dotted blue) which is creating a larger bearish wave structure and expanding the bearish correction. Price is probably building a bearish ABC (brown) correction and could fall to test the Fibonacci targets of wave Y vs W.

1 hour

The EUR/USD broke below the chart pattern and is likely to make the short-term trend bearish. A bullish breakout is expected to face a strong support zone at 1.2325, 1.2250 and 1.22.

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