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 bearish wave of larger degree A is presumably unfolding on the daily chart, with the fifth wave (5) of А forming as its part. Wave 5 of (5) appears to be developing on the H4 chart, with wave iii of 5 formed inside. Also, a local correction is completed as the fourth wave iv of 5. Presumably, the fifth wave v of 5 is developing on the H1 chart, with wave of smaller degree (i) of v formed and wave (ii) of v developing inside. If the presumption is correct, the pair will continue to fall to the levels 0.9475 – 0.9300 after wave (ii) of v is complete. 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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