The Correction of EUR/USD & Iran WarEUR/USDOANDA:EURUSDTopChartPatternsThe Correction of EUR/USD The current price action of the EUR/USD pair presents a textbook example of market symmetry. Over the last two major bullish cycles, the pair has exhibited a "measured move" phenomenon where the second impulsive wave mirrored the first almost perfectly, not only in pip distance but also in its temporal duration. Between these twin impulsive waves, the market underwent a corrective phase that found precise support at the 61.8% Fibonacci retracement level. This Golden Ratio bounce provided the necessary liquidity for the second leg of the rally. However, the pair has now encountered a formidable barrier at the 1.20 - 1.21 level. This zone represents a confluence of multi-year structural resistance and the primary descending trendline. The recent rejection at this level indicates that the bullish momentum has exhausted itself, shifting the technical bias toward a mean-reversion or a deeper corrective cycle. As the price pivots lower, we are identifying two primary downside objectives: Immediate Support (1.1200 - 1.1300): A critical zone defined by previous price action and internal Fibonacci levels. Secondary Target (1.0500 - 1.0600): This aligns with the 61.8% retracement of the entire three-wave sequence, serving as the ultimate structural floor. This technical bearishness is reinforced by escalating geopolitical tensions involving Iran. Historically, instability in the Middle East triggers a "Flight to Quality," driving capital into the U.S. Dollar as a safe-haven asset. Furthermore, any disruption to energy supplies would likely disproportionately affect the Eurozone's trade balance compared to the U.S., providing the fundamental momentum needed to drive the EUR/USD toward our projected targets. The chart is pointing a longer than expected war, hitting hard the EU trade balance. What do you think? 👇 WANT MORE? 🚀 Hit the rocket, read my profile and follow to see me again