Main scenario: consider short positions from corrections below the level of 1.1499 with a target of 1.0988 – 1.0862.
Alternative scenario: breakout and consolidation above the level of 1.1499 will allow the pair to continue rising to the levels of 1.1690 – 1.1910.
Analysis: Daily chart: the first wave of larger degree 1 of (3) is formed, and a downside correction continues forming as wave 2 of (3), with wave c of 2 unfolding as part of it. The third wave of smaller degree (iii) of c appears to continue forming on the H4 chart. On the H1 chart, there’s wave iii of (iii) completed and a corrective wave iv of (iii) nearing completion. If the presumption is correct, the pair will continue falling to the levels of 1.0988 – 1.0862 after the corrective wave iv of (iii) is formed. The level of 1.1499 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1690 – 1.1910.
Price chart of EURUSD in real time mode
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