Main scenario: consider short positions from corrections below the level of 1.0000 with a target of 0.9475 – 0.9300.
Alternative scenario: breakout and consolidation above the level of 1.0000 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 iii of 5 completed inside. In the hourly chart, the local correction has completed as the fourth wave (iv) of 5 and the fifth wave v of 5. If the presumption is correct, the pair will continue declining to the levels of 0.9475 – 0.9300. The level of 1.0000 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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