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EURUSD has spent the past few months consolidating within a classic wave IV triangle, effectively trapping price in a prolonged corrective phase. This type of structure typically precedes the final leg of a larger impulsive move—and recent price action suggests that this long-awaited breakout is now underway.

On the daily chart, EURUSD is breaking higher out of the triangle, signaling the start of projected wave V. Based on standard triangle measurements and Elliott Wave guidelines, this final advance has room to extend toward the 1.20–1.23 target zone, which represents the triangle’s measured move and a major technical objective.
 

EURUSD Daily Chart

Zooming into the 4-hour chart, price action is clearly impulsive, supporting the bullish scenario. The current rise appears to be wave 3 of an ongoing five-wave impulse, typically the strongest and most dynamic part of the move. This reinforces the expectation of continued upside in the near term.
 

EURUSD 4H Chart

That said, traders should remain mindful of market structure. After the completion of wave 3, a wave 4 corrective pullback is likely before the final wave 5 push higher. As long as pullbacks remain corrective and key support levels hold, the broader bullish outlook remains intact.

In summary, EURUSD appears to be transitioning from consolidation to expansion, with higher timeframes aligning in favor of further gains. While short-term corrections are part of the process, the technical picture continues to point toward higher levels as wave V unfolds.

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