The EURUSD bullish price action could be part of wave 4 (blue), which typically retraces back to the previous wave 4 (of a smaller degree) and/or to the 23.6 and 38.2 Fibonacci retracement levels.
The EURUSD broke the 1.25 bottom but with less momentum than expected which raises question marks whether price is indeed in a wave 3 (purple). The 1 hour chart can help determine an invalidation point.