The pair EUR/USD is still likely to grow. Estimated pivot point is at a level of 1.1440.
Main scenario: long positions will be relevant from corrections above the level of 1.1440 with a target of 1.1586 – 1.1620.
Alternative scenario: Breakout and consolidation below the level of 1.1440 will allow the pair to continue declining to the levels of 1.1308 – 1.1210.
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 C of (2) developing within. Presumably an ascending correction is developing as wave ii of C on the H4 time frame. On the H1 timeframe, apparently, the third wave of junior level iii of (c) of ii has formed and a local correction iv of (c) is developing at the moment. If the presumption is correct, the pair will logically resume dropping to the levels 1.1586 – 1.1620. The level 1.1440 is critical in this scenario.
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Price chart of EURUSD in real time mode
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