The EUR/USD price is still likely to grow. Estimated pivot point is at a level of 1.1628.
Main scenario: long positions will be relevant from corrections above the level 1.1628 with a target of 1.1877.
Alternative scenario: Breakout and consolidation below the level of will allow the EUR/USD rate to continue declining to the levels of 1.1439 – 1.1320.
Analysis: In the daily timeframe, an upward momentum is complete as the first wave of senior level (1) and a downward correction continues forming as wave (2). In the 4-hour EUR/USD price chart, a downward continues continues developing within the wave A of (2), with an ascending correction emerging inside in the form of the wave iv of A. On the 1-hour time frame, apparently, the wave (c) of iv is forming. If the presumption is correct, the EUR/USD price will continue rising towards the level of 1.1877. The level 1.1628 is critical in this scenario.
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