The EUR/USD is likely to make a pullback first (orange arrow) before a larger bullish reversal is able to take place. The invalidation level of the wave 1-2 (purple) pattern remains at the previous bottom and 100% Fibonacci level.
The EUR/USD seems to be showing a sign of impulsive price action. The current wave patterns could be part of a 5 wave (purple) formation as long as the wave 4 correction stays above the top of wave 1. A new high could confirm the end of wave 5 within wave 1 (pink). After that, a pullback could take place within wave 2 (pink).
