Main scenario: consider short positions from corrections below the level of 1.1382 with a target of 1.1140 – 1.0988.
Alternative scenario: breakout and consolidation above the level of 1.1382 will allow the pair to continue rising to the levels of 1.1497 – 1.1690.
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. A corrective wave iv of (iii) appears to have finished completion on the H1 chart. If the presumption is correct, the pair will continue falling to the levels of 1.1140 – 1.0988. The level of 1.1382 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1497 – 1.1690.
Price chart of EURUSD in real time mode
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