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According to Elliott wave analysis, a global impulse is being built for EUR/USD, which included the completion of the corrective wave 4. This correction took the form of the wave plane [A]-[B]-[C]. After its completion, the market turned around and began to move in an upward direction, which hints at a new bullish wave.
Most likely, the formation of the final fifth of the global momentum has begun on the market. Judging by the initial part, an upward impulse is being built, in which the first two subwaves (1) and (2) were completed, and now we see the development of subwave (3). It is assumed that the price may soon reach the level of 1.1909, which was marked by the correction (4) and a small impulse 3, and then will rise to higher levels.
Thus, in the current situation, one can consider opening long positions with a take profit at 1.1909.
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