The EUR/USD has struck the bottom trend-line.
The next move should determine the short term trend.
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It is possible to draw converging trend-lines on the EUR/USD 1 hour chart that create the appearance of a diagonal.
In Elliott Wave terms these diagonal appear in many places and in this circumstance it could be a 5 wave “C” wave completing a series of waves.
Having said that, we will only know this to be the outcome if we make another attempt (or two) to meet the upper trend line followed by a reversal at or very near the lower trend-line.
I think the areas to observe for the immediate is the lower trend-line that appears to be the target for the current downward move and then see if a reversal upward ensues. The target in the medium term could then be the upper trend-line.
Bear in mind that a successful completion of the pattern calls for a reversal.
A clean break of the upper trend line negates the pattern and suggests further EURO strength.
