EURUSD seems to be forming a major primary bullish impulse.
The bearish correction wave ④ has recently completed, which formed a zigzag consisting of sub-waves (A)-(B)-(C).
In the short term, the primary wave ⑤ could reach the previous high marked by the impulse ③, above 1.234.
However, an alternative scenario indicates an incomplete wave ④.
Its formation hints at a double (W)-(X)-(Y) zigzag, where the first sub-wave (W) has already ended.
After the completion of wave (X), we can expect wave (Y) as a standard zigzag.
The end of the intervening wave (X) is likely near 1.219. At that level, it will be at 61.8% of the intermediate wave (W).
Finally, zigzag (Y) could lead prices lower to 1.180. The target would respect the tenancy of intermediate sub-waves (W) and (Y) being equal.