The pair EUR/USD is still likely to fall. Estimated pivot point is at a level of 1.1848.
Main scenario: short positions will be relevant from corrections below the level of 1.1848 with a target of 1.1320 – 1.1176.
Alternative scenario: breakout and consolidation above the level of 1.1848 will allow the pair to continue the rise up to the levels of 1.1991 – 1.2111.
Analysis: In 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). In the 4-hour time frame, a downward impetus continues forming within the wave A of (2), with a correction wave iv of A completed inside. In the 1-hour time frame, apparently, the fifth wave v of A is forming, with an upward correction of junior level (ii) of v nearing completion inside. If the presumption is correct, the pair will continue to drop to the levels 1.1320 – 1.1176. The level 1.1848 is critical in this scenario.
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Price chart of EURUSD in real time mode
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