The second wave of wave (iii) is almost over. Previously, we had an upward impulse in wave (i) and a downward double zigzag, which supposed to be wave (ii). A bullish impulse in wave i arrived after that, which brings more evidence for the outlook. If correct, a third-in-third wave rally is going to start anytime soon. The main critical level for this scenario is the low of wave i at 1.1050. If the price breaks this level, there'll be an option to have longer wave ((v)) of C, which could lead to forming a new low.
On the other hand, breaking of 1.1097 will confirm that wave ii is in place, and we could be at the early stages of wave iii of (iii). If this happens, the high of wave i at 1.1163 is likely going to be broken shortly. The main target for wave (iii) is the 1.618 multiple of wave (i) at 1.1411, which could be a starting point for a large downward correction. However, firstly we should wait for the price fixating above 1.1097.
The bottom line is that EUR/USD is getting bullish. There's an opportunity to have a massive bullish rally in a third-in-third wave, which is likely going to begin anytime soon.
