Main scenario: consider short positions from corrections below the level of 1.1804 with a target of 1.1600 – 1.1489.
Alternative scenario: breakout and consolidation above the level of 1.1804 will allow the pair to continue rising to the levels of 1.1971 – 1.2269.
Analysis: Daily chart: presumably, the first wave of larger degree 1 of (3) was formed, and a downside correction continues forming as wave 2 of (3). Apparently, an ascending wave b of 2 was formed on the H4 chart, and a descending wave c of 2 is developing now. The fifth wave of smaller degree (v) of c is developing on the H1 chart, with wave iii of (v) and a corrective wave iv of (v) completed inside. If the presumption is correct, the pair will continue to drop to the levels of 1.1600 – 1.1489. The level of 1.1804 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1971 – 1.2269.
Price chart of EURUSD in real time mode
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