daily forex elliott wave analysis

I continue analysing the current situation on EURUSD. In the latter post price action at 4H and 1H charts was described, now a view at lower TFs is posted.

EU climbed from the previous low in a 3-wave pattern. during the first trading hours today, the minimum level of wave 3 had been broken, so 2 variants of price movement is possible.

if the price holds 1.311 level, 3-3-3 retracement pattern may  be formed and the correction continues. from the other side, it’s already clear, that EURUSD, sooner or later, is going to make another low. maybe we’ll see it even without the continuation of the retracement, as the current downside move is 1. volatile and 2. seems to be formed in 5-wave pattern.