Main scenario: consider short positions from corrections below the level of 1.0774 with a target of 1.0450 – 1.0256
Alternative scenario: breakout and consolidation above the level of 1.0774 will allow the pair to continue rising to the levels of 1.0948 – 1.1063.
Analysis: a bearish wave of larger degree A is presumably completed on the daily chart. A bullish wave B started unfolding, with the first counter-trend wave 1 of (A) of B formed as its part. A downside correction appears to be forming as the second wave 2 of (A) of B on the H4 chart, with wave а of 2 of (А) developing as its part. On the H1 chart, a local correction (iv) of a of 2 is completed, and the fifth wave (v) of a of 2 continues developing, with wave iii of (v) unfolding as its part. If the presumption is correct, the pair will continue to drop to the levels of 1.0450 – 1.0256. The level of 1.0774 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0948 – 1.1063.
Price chart of EURUSD in real time mode
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