Main scenario: consider short positions from corrections below the level of 1.0204 with a target of 0.9800 – 0.9700.
Alternative scenario:breakout and consolidation above the level of 1.0204 will allow the pair to continue rising to the levels of 1.0375 – 1.0618.
Analysis: a corrective wave of larger degree B presumably continues developing as irregular flat (А)-(В)-(С) on the weekly chart. Wave (B) of B appears to be completed on the daily chart, with wave С of (B) continuing to form as its part. The fifth wave (v) of v of C is unfolding on the H4 chart, with a local correction completed as the fourth wave of smaller degree iv of (v) inside. Wave v of (v) is forming. If the presumption is correct, the pair will continue to drop to the levels of 0.9800 – 0.9700. The level of 1.0204 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0375 – 1.0618.
Price chart of EURUSD in real time mode
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