A fall is possible.

On the daily chart, the upward wave B develops, within which the first wave 1 of (А) of B ended, and a downward correction forms as the second wave 2 of (А) of B. Now, the correctional wave b of 2 has formed, and the wave c of 2 is developing, within which the third wave of the lower level (iii) of c is forming. If the assumption is correct, the EUR/USD pair will fall to the area of 1.0414–1.0212. In this scenario, critical stop loss level is 1.0978.

Main scenario

Short positions will become relevant below the level of 1.0978 with the targets at 1.0414–1.0212. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price above the level of 1.0978 will let the asset grow to the area of 1.1138–1.1276.