EUR/USD Jumps to Trend Line Resistance After Weak Retail Sales

EUR/USD has popped higher on today’s weaker than expected retail sales release. The aftermath of the move resulted in EUR/USD bumping up to 1.1222.
Today’s high came in near an interesting juncture. If we connect a trend line from the May high to the June high, that trend line crosses near 1.1240. Today’s high came close to touching this trend line.
This trend line is an important line from a technical perspective. Zooming out, we have a potential zig zag equal wave pattern from May 3 to June 23. The zigzag is a versatile Elliott wave pattern that shows up in many different places of the Elliott wave sequence. That pattern by itself suggests we may see higher prices on EUR/USD towards 1.14.
EUR/USD Short Term Bullish Break?

However, there is another possibility that is quite bearish. The extremely bearish scenario suggests the market is unfolding a series of 1-2 waves meaning
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