The pair EUR/USD remains likely to grow. Estimated pivot point is at a level of 1.1193.
Main scenario: Consider long positions from corrections above the level of 1.1193 with a target of 1.1490 – 1.1723.
Alternative scenario: Breakout and consolidation below the level of 1.1193 will allow the pair to continue declining to the levels of 1.0742 – 1.0874
Analysis: Supposedly, a descending correction of senior level finished developing on the daily time frame in the form of wave 2 and the third wave 3 started developing. On the H4 time frame the first counter-trend wave 1 of (3) is forming, with wave iii of 1 forming inside. Apparently, the third wave of smaller degree (iii) of iii of 1 is developing on the H1 time frame. If this assumption is correct, the pair will continue to rise to 1.1490 – 1.1723. The level of 1.1193 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0742 – 1.0874.
