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Main scenario: consider long positions above the level of 1.0611 with a target of 1.1141 – 1.1350 once a correction is formed.
Alternative scenario: breakout and consolidation below the level of 1.0611 will allow the pair to continue declining to the levels of 1.0437 – 1.0218.
Analysis: a bearish wave of larger degree A is presumably completed on the daily chart. A bullish wave B started unfolding, with first wave 1 of (A) of B and corrective second wave 2 of (A) of B formed as its part. Apparently, the third wave 3 of (A) of B is developing on the H4 time frame, with wave i of 3 of (А) formed and bearish corrective wave ii of 3 nearing completion as its parts. Wave (c) of ii is developing on the H1 time frame, with fifth wave of smaller degree v of (c) of ii presumably nearing completion as its part. If the presumption is correct, the EURUSD pair will continue to rise to the levels of 1.1141 – 1.1350 once wave v of (c) of ii is complete. The level of 1.0611 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0437 – 1.0218.
Price chart of EURUSD in real time mode
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