STRATEGY:

Main Scenario: As long as EURUSD  stays below 1.1606, the main trend will be downwards. Then the pair may down  to 1.1487 price level

Target Expectation: 1.1487

Considerations Supporting The Scenario: 

Emerging market currencies sank to six-week lows on Wednesday as a spike in oil prices spurred concerns over high inflation and drove investors out of risk-driven assets.

Alternative Scenario: An alternative expectation may be taken into account in case of a close above 1.1606

Alternative Target Expectation: 1.1638