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Main scenario: Consider buying positions from corrections above 1.0612 with a target of 1.0978 – 1.1141.
Alternative scenario: A break and stability below 1.0612 will allow the pair to continue declining to 1.0450 – 1.0217 levels.
analysis: An uptrend wave B is supposed to develop on the daily chart, with the first wave 1 of (A) from B and the second corrective wave 2 of (A) from B as its parts. The third wave 3 of (A) from B is clearly developing on the H4 timeframe, where the downtrend corrective wave ii of 3 has completed and wave iii of 3 of (A) has formed. The H1 timeframe shows that the first countertrend wave of smaller degree (i) from iii has formed and a local correction is supposed to have developed as the second wave (ii) of iii. If this assumption is correct, Euro vs US Dollar The pair will continue to rise in wave (iii) from iii to 1.0978 – 1.1141. The level of 1.0612 is crucial in this scenario. Its break will allow the pair to continue falling to the levels of 1.0450 – 1.0217.
EURUSD price chart in real time mode
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