EUR/USD remains likely to fall. Estimated pivot point is at a level of 1.0899.
Main scenario: Consider short positions from corrections below the level of 1.0899 with a target of 1.0633 – 1.0528.
Alternative scenario:breakout and consolidation above the level of 1.0899 will allow the pair to continue rising to the levels of 1.1064 – 1.1170.
Analysis: Supposedly, a descending fifth wave of larger degree (5) of С continues developing on the daily time frame, with the first wave 1 of (5) and correction 2 of (5) formed inside. The third wave 3 of (5) started developing on the H4 time frame, with an ascending correction developed in the form of wave ii of 3 inside. Apparently, the third wave iii of 3 started developing on the H1 time frame, with wave (ii) of iii formed inside. If the presumption is correct, the pair will continue to drop to the levels of 1.0633 – 1.0528. The level of 1.0899 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1064 – 1.1170.
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Price chart of EURUSD in real time mode
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