Growth is possible.

On the daily chart, the upward wave B develops, within which the first wave 1 of (А) of B formed, a downward correction ended as the second wave 2 of (А) of B, and the third wave 3 of (А) of B started. Now, the first wave of the lower level i of 3 has ended, a local correction has formed as the second wave ii of 3, and the third wave iii of 3 is developing. If the assumption is correct, the EUR/USD pair will grow to the area of 1.1138–1.1276. In this scenario, critical stop loss level is 1.0718.

Main scenario

Long positions will become relevant above the level of 1.0718 with the targets at 1.1138–1.1276. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 1.0718 will let the asset go down to the area of 1.0410–1.0212.