The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.1650.
Main scenario: long positions will be relevant from corrections above the level of 1.1650 with a target of 1.1994.
Alternative scenario:Breakout and consolidation below the level of 1.1650 will allow the pair to continue declining to the levels of 1.1518 – 1.1435.
Analysis: Supposedly, the wave A of (2) of senior level continues forming within the daily time frame. Apparently, the third wave of junior level iii of A of junior level has been formed and an upward correction is developing now in the form of the wave iv of A, with the wave (a) of iv forming inside. If this assumption is correct, the pair will go on growing to the level of 1.1994. The level 1.1650 is critical in this scenario.
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