As the chart shows, EURUSD has completed a falling wedge in the daily time frame. and an engulfing pattern is taking place.
There is an obvious trend in the weekly chart which was broken on May 3, it appears to be finishing the retest, an start of a bullish trend.
Based on the weekly chart and support and resistance levels. if EUR closes a daily candle above 1.1770 area, we will most probably experience 60 days of bullish momentum
The two horizontal lines are Fibo 23 and 38 levels. for now, EUR has made a breakout from the wedge which could potentially signal a bullish movement. I believe if the movement takes shape first target would be 1.17564 area
Based on the previous wave, we are probably in a pullback to the 0.5 FIbo and trying to continue the wave.