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Main scenario: consider long positions from corrections above the level of 1.0689 with a target of 1.0977 – 1.1141.
Alternative scenario: breakout and consolidation below the level of 1.0689 will allow the pair to continue declining to the levels of 1.0570 – 1.0446.
Analysis: a bearish wave of larger degree A is presumably completed on the daily chart. A bullish wave B started unfolding, with the first wave 1 of (A) of B and a 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, a local corrective wave ii of 3 completed, and wave iii of 3 forming as its parts. The first wave of smaller degree (i) of iii is presumably developing on the H1 chart, with wave v of (i) forming as its part. If the presumption is correct, the EURUSD pair will continue to rise to the levels of 1.0977 – 1.1141. The level of 1.0689 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0570 – 1.0446.
Price chart of EURUSD in real time mode
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