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Main scenario: consider long positions from corrections above the level of 1.0794 with a target of 1.1141 – 1.1350.
Alternative scenario: breakout and consolidation below the level of 1.0794 will allow the pair to continue declining to the levels of 1.0688 – 1.0613.
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, and a local corrective wave ii of 3 completed. Wave iii of 3 is currently unfolding. The first wave of smaller degree (i) of iii is presumably developing on the H1 chart, with wave iii of (i) forming as its part. If the presumption is correct, the EURUSD pair will continue to rise to the levels of 1.1141 – 1.1350. The level of 1.0794 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0688 – 1.0613.
Price chart of EURUSD in real time mode
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