Main scenario: consider short positions from corrections below the level of 1.0654 with a target of 1.0000 – 0.9480.
Alternative scenario: breakout and consolidation above the level of 1.0654 will allow the pair to continue rising to the levels of 1.0937 – 1.1184.
Analysis: Apparently, a bearish correction continues developing on the weekly chart as wave of larger degree B, which is forming as triple zigzag (W)-(X)-(Y)-(X)-(Z). Wave (Z) of B appears to be unfolding on the daily chart, with wave С of (Z) developing as its part. The fifth wave of smaller degree v of C is forming on the H4 chart, with wave (iii) of v presumably unfolding as its part. If the presumption is correct, the pair will continue to drop to the levels of 1.0000 – 0.9480. The level of 1.0654 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0937 – 1.1184.
Price chart of EURUSD in real time mode
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