Main scenario: consider short positions from corrections below the level of 1.1040 with a target of 1.0328 – 1.0165.
Alternative scenario: breakout and consolidation above the level of 1.1040 will allow the pair to continue rising to the levels of 1.1300 – 1.1500.
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. A bullish wave B started developing. On the H4 chart, apparently, the first counter-trend wave of smaller degree 1 of (A) of B finished forming, and a downside correction continues unfolding as wave 2 of (A) of B, with wave а of 2 formed as its part. Apparently, a corrective wave b of 2 is completed on the H1 chart, with wave (c) of b formed inside. If this assumption is correct, the pair will continue to decline to 1.0328 – 1.0165. The level of 1.1040 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.1300 – 1.1500.
Price chart of EURUSD in real time mode
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