Main scenario: consider short positions from corrections below the level of 1.0050 with a target of 0.9475 – 0.9300.
Alternative scenario: breakout and consolidation above the level of 1.0050 will allow the pair to continue rising to the levels of 1.0375 – 1.0618.
Analysis: a descending wave A of a larger degree should be developing in the daily timeframe, with wave (5) of А forming inside. Wave 5 of (5) must be unfolding in the H4 timeframe, with wave а iii of 5 developing inside. In the hourly chart, the third wave of a smaller degree (iii) of iii must have completed, and the local correction is developing as the fourth wave (iv) of iii. If the presumption is correct, the pair will continue declining to the levels of 0.9475 – 0.9300. The level of 1.0050 is critical in this scenario. Its breakout will allow the pair to continue rising to the levels of 1.0375 – 1.0618.
Price chart of EURUSD in real time mode
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