Main scenario: consider long positions from corrections above the level of 1.0806 with a target of 1.1487 – 1.1690.
Alternative scenario: breakout and consolidation below the level of 1.0806 will allow the pair to continue declining to the levels of 1.0628 – 1.0450.
Analysis: Daily chart: the first wave of larger degree 1 of (3) is formed, and a downside correction appears to have formed as wave 2 of (3). Apparently, the third wave 3 of (3) has started developing on the H4 chart. The first wave of smaller degree (i) of i of 3 has formed on the H1 chart, and a corrective wave (ii) of i has presumably finished developing. If the presumption is correct, the pair will continue to rise to the levels of 1.1487 – 1.1690 in wave (iii) of i. The level of 1.0806 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0628 – 1.0450.
Price chart of EURUSD in real time mode
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