The EUR/USD rate is still likely to grow. Estimated pivot point is at a level of 1.1300.
Main scenario: long positions will be relevant from corrections above the level of 1.1300 with a target of 1.1623 – 1.1813.
Alternative scenario: Breakout and consolidation below the level of 1.1300 will allow the pair to continue falling to the levels of 1.1200 – 1.1100.
Analysis: Supposedly, a descending correction of senior level in the form of the wave (2) continues developing on the daily time frame with the wave A of (2) formed within. An upward correction B of (2), supposedly, is developing on the H4 time frame, with the wave b of B, formed inside. Apparently, the wave c of В started developing on the H1 frame, with the first wave of senior level (i) of c developing inside. If the presumption is correct, the pair may continue rising to the levels 1.1623 – 1.1813. The level 1.1300. is critical in this scenario.
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