What is prefigured here, through a careful examination of the Elliott cycles, is the beginning of a corrective wave. The 1h chart shows the price level at the top of the AudUsd wave 5 and, before the breakout, a new rebound on the trend line could configure a reversal pattern: head and shoulders or double top.
The complicated Elliott wave puzzle show us, clearly, what the probable entry level will be for a buy limit on EURUSD on the 1h chart. We are in full subwave III of the major wave 2. A 38% retracement would not fall below the resistance of the top of the wave I. A perfect fit for a good bullish restart.