EURUSD: DAILY Chart

In this DAILY Chart, I focus in on that retracement and try to break down the action in my attempt to make sense of what is happening. It's painfully obvious that this is a retracement as can be seen by the back and forth motion of the prices.

WAVE COUNT
I'm counting this retracement as a wave IV of V. As is typical of consolidation waves, there is just a lot of back and forth price action. But since it is a consolidation wave, there must be a ABC corrective phase. You can see where I am marking and projecting the ABC waves as being. What is clear is that the wave (A) was done. The ensuing wave (B) is where I am projecting prices to be in right now. And It is appearing that it is just about done. When it is, then there is a wave (C) to come.

PATTERNS
First, the pattern that is most relevant right now is the POTENTIAL Bat that is ALMOST but not quite complete. The last low of last week was only 6 pips from completing that Bat. I am expecting that prices will fill that bat and will probably drop below that Bat D point into its' PRZ. There is another POTENTIAL bat (blue) whose C point is not yet set. Once prices do drop below, if it doesn't break through the lows, it will be valid. The completion of that bat (blue) should be marking the end of the wave IV.