Main scenario: consider long positions from corrections above the level of 1.0723 with a target of 1.1141 – 1.1350.
Alternative scenario: breakout and consolidation below the level of 1.0723 will allow the pair to continue declining to the levels of 1.0613 – 1.0514.
Analysis: a bearish wave of larger degree A is presumably completed on the daily chart. A bullish wave B started unfolding, with first wave 1 of (A) of B and corrective second wave 2 of (A) of B formed as its parts. Apparently, the third wave 3 of (A) of B is developing on the H4 time frame, with wave i of 3 of (А) formed and bearish corrective wave ii of 3 completed as its parts. Wave iii of 3 presumably started to develop on the H1 time frame, with first counter-trend wave of smaller degree i of (i) of iii forming as its part. If the presumption is correct, the EURUSD pair will continue to rise to the levels of 1.1141 – 1.1350. The level of 1.0723 is critical in this scenario. Its breakout will allow the pair to continue falling to the levels of 1.0613 – 1.0514.
