The EURUSD structure hints at a bullish impulse consisting of waves ①-②-③-④-⑤.
At the time of writing, intermediate wave (1) of the primary 5th wave has completed.
In the short term, a decline in zigzag correction (2) near 1.172 is expected. At that level, wave (2) will be at 61.8% of wave (1).
Finally, intermediate impulse (3) could lead prices above the previous high at 1.223. At that level, wave (3) will be at 161.8% of impulse (1).
An alternative scenario shows primary correction wave ④ has not yet completed.
Here it takes the form of a triple zigzag consisting of intermediate sub-waves (W)-(X)-(Y)-(X)-(Z).
A decline in the final wave (Z) to 1.160 shows a confluence of the support line drawn through vertices (W) and (Y).
We could then expect prices to rise above 1.201.
