Main scenario: consider short positions from corrections below the level of 1.1500 with a target of 1.1140 – 1.0988.
Alternative scenario: breakout and consolidation above the level of 1.1500 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 its part. Apparently, the third wave of smaller degree (iii) of c continues forming on the H4 chart, with wave iii of (iii) completed inside. Corrective wave iv of (iii) has presumably finished forming as a triangle on the H1 chart. If the presumption is correct, the pair will continue to drop to the levels of 1.1140 – 1.0988. The level of 1.1500 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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