Main scenario: consider long positions from corrections above the level of 1.1750 with a target of 1.2269 – 1.2500.
Alternative scenario: breakout and consolidation below the level of 1.1750 will allow the pair to continue declining to the levels of 1.1600 – 1.1489.
Analysis: Daily time frame: the first wave of larger degree 1 of (3) is formed, and a downside correction appears to have formed as wave 2 of (3). A downward wave c of 2 appears to have formed on the H4 time frame, with the fifth wave of smaller degree (v) of c completed inside. The third wave 3 of (3) is starting to unfold on the H1 time frame, with the first counter-trend wave of smaller degree (i) of i of 3 forming inside. If the presumption is correct, the pair will continue to rise to the levels of 1.2269 – 1.2500. The level of 1.1750 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.1600 – 1.1489.
Price chart of EURUSD in real time mode
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