The EUR/USD is showing a strong bullish bounce and perhaps reversal at the support trend line (blue) of the large sideways range. The bullish momentum is indicating that the wave X (pink) pattern could indeed be correct and that price is now ready for moving up within wave A (purple).
The EUR/USD is in a complex correction and the wave patterns will depend on the breakout direction. A bearish breakout could indicate an extended wave 4-5 whereas a bullish breakout could confirm the larger wave B (light purple) as mentioned in this image.
The EUR/USD seems to be creating 5 bullish waves (blue). This increases the chance of more bullishness in the near future, because it could be part of an impulsive wave A (blue) of a larger ABC zigzag. Once the wave A is completed, price could build a bearish ABC within wave B and then move up again (see arrows).