This chart is showing signs of a potential large bullish wave
we analyze now the Wave Three 'III' ( the green one) from the big 5 impulse wave.
Expectations:
Wave 1 has already been completed, and we are currently in Wave 2
When the price goes down below the entry point, a deeper Wave 2 is expected to occur and end around 1.073
If the price goes even deeper, and reach around 1.046, the "Possible WXYXZ Wave Correction" should be considered
if the price rises above the entry point again, an extended Wave 3 is expected to occur.
Note:
This scenario is just one of the analysis scenarios and, in my opinion, it is more likely to happen than the 'EURUSD 1W Large Bullish Scenario', but "Possible WXYXZ Wave Correction" is the preferred scenario
For more information, please check the monthly analyses and other scenarios.