The EUR/USD made a bullish bounce near the 1.15 round level and could have completed the expected wave A and B (purple) pattern. Price also broke above the resistance trend line (dotted red), although the breakout needs to find more traction to confirm the start of wave C (purple).
The EUR/USD is probably completing a bullish ABC zigzag pattern (purple). A break below the support trend line (blue) could indicate a larger bearish breakout but price could still bounce at the Fibonacci levels of wave B around 1.1475-1.1520.
The EUR/USD made a deep pullback yesterday that challenged the bottom of wave 1 (blue) and the support zone but ultimately price bounced back up and broke above the resistance trend line (dotted red). This bounce could be part of a wave 1-2 (blue) pattern. Price could now be building a potential 5 waves (green) within wave 3 (blue) if price manages to stay above the 50-61.8% Fibonacci zone around 1.16.