The current EURUSD structure suggests that we are on a bullish impulse in wave (C). The 5-wave formation consists of minor sub-waves 1-2-3-4-5.
Waves 1-2 and 3 are fully completed, whereas wave 4 completed two parts of its double zigzag ⓦ-ⓧ-ⓨ pattern.
In the midst of wave ⓨ, we could see a minuette impulse in wave (c) completing the correction near 1.108. At that level, wave 4 will be at 61.8% of impulse 3.
Then, prices are expected to rise in minor wave 5 above the previous high registered by wave 3.
An alternative scenario suggests that correction 4 has already been completed as a simple zigzag ⓐ-ⓑ-ⓒ.
Wave 5 is expected to end in a minute ending diagonal.
In the medium term, we could see a gradual rise to the area of wave 3 – 1.142. That is along the trajectory of the upper diagonal trendline.