Main scenario: consider long positions from corrections above the level of 1.0288 with a target of 1.0745 – 1.1020.
Alternative scenario: breakout and consolidation below the level of 1.0288 will allow the pair to continue declining to the levels of 0.9928 – 0.9717.
Analysis: a bearish wave of larger degree A is presumably completed on the daily chart, with the fifth wave (5) of А formed as its part. Apparently, an ascending wave B started developing on the H4 chart, with the first counter-trend wave of smaller degree 1 of (A) of B forming as its part. H1 chart: wave iii of 1 continues developing, with a local correction completed as wave (iv) of iii inside. Wave (v) of iii is currently unfolding. If the presumption is correct, the pair will continue to rise to the levels of 1.0745 – 1.1020. The level of 1.0288 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 0.9928 – 0.9717.
Price chart of EURUSD in real time mode
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