EURUSD has a weekly, daily downtrend under the monthly downtrend.
Yesterday's high could be a daily correction trend line for a new bearish wave, which will continue to drive the downward trend.
EURUSD needs a second support to keep moving higher.
If the bottom is tested and does not break, a daily correction trend line of the second support line can be made.
And, a strong breakout from yesterday's highs will result in the bottom of EURUSD becoming a new weekly correction trend line of an uptrend,
which will continue to pour upward momentum for at least a few weeks.
However, the overall trend is a monthly downward wave,
so it can be converted into an upward movement only when the monthly correction trend line is broken and the upward impulse is maintained.
Otherwise, it is either a very large correction, or a downtrend will come again.
good luck.
Yesterday's high could be a daily correction trend line for a new bearish wave, which will continue to drive the downward trend.
EURUSD needs a second support to keep moving higher.
If the bottom is tested and does not break, a daily correction trend line of the second support line can be made.
And, a strong breakout from yesterday's highs will result in the bottom of EURUSD becoming a new weekly correction trend line of an uptrend,
which will continue to pour upward momentum for at least a few weeks.
However, the overall trend is a monthly downward wave,
so it can be converted into an upward movement only when the monthly correction trend line is broken and the upward impulse is maintained.
Otherwise, it is either a very large correction, or a downtrend will come again.
good luck.