The EUR/USD failed to break below the support trend lines (green and blue) and is now showing a strong bullish breakout. The bullish impulsive price action is indicating that price has likely completed a wave A (purple) at the most recent low.
The EUR/USD probably is starting a larger bullish correction within wave B (purple). Price even managed to break above the resistance trend line (dotted orange) of the bullish channel.
The EUR/USD made a bullish bounce at the critical support zone. The momentum is probably a wave 3 (blue) as price has broken above the key round level at 1.15. A wave 4 (blue) becomes likely if price shows a sideways and corrective pattern (green arrows), which could complete a larger wave C (purple) or wave 3 once price breaks (green arrows).