Active downward correction, that was launched after Friday’s peak, can be a part of “megaphone” pattern. In this case in medium term euro can slide in direction of the 1.1180 level. The closest target of correction seems to be the PPZ 1.1262.
Local structure has the status of an uptrend and moreover market has completed already the building of corrective downswing.
Thus we can proceed with two scenarios: 1) slight upward pullback and following continuation of decline (watch the black arrow), 2) new trending upswing with break of the closest high of the structure (1.1347, watch the blue arrow).
Main scenario: Growth to the 1.1325-1.1335 zone and then downswing to the 1.1242-1.1258 area.
Alternative scenario: Growth above 1.1347 in direction 1.1400.
Seeking for local sell signals at the 1.1325-1.1335 region with target at 1.1242-1.1258.
In case of alternative scenario we can go long towards 1.1400