Main scenario: consider short positions from corrections below the level of 1.1376 with a target of 1.0988 – 1.0862.
Alternative scenario: breakout and consolidation above the level of 1.1376 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. Wave iii of (iii) is developing on the H1 chart. If this assumption is correct, the pair will continue to fall to 1.0988 – 1.0862. The level of 1.1376 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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