The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1745.
Main scenario: short positions will be relevant from corrections below the level of 1.1745 with a target of 1.1439.
Alternative scenario:breakout and consolidation above the level of 1.1745 will allow the pair to continue rising to a level of 1.1998.
Analysis: On the daily time frame, an upward impetus is formed as the first wave of senior level (1) and a downward correction continues forming as wave (2). On the 4H time frame, the downward impetus continues developing within the wave A of (2), with a local correction completed inside in the form of the triangular wave iv of A. Apparently, the final fifth wave v of A started forming on the 1H time frame with a countertrend impetus (i) of v developing inside. If the presumption is correct, the pair will continue to fall to the level of 1.1439 once the local correction (ii) of v is completed. The level 1.1745 is critical in this scenario.
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Price chart of EURUSD in real time mode
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