The EUR/USD Correction Continues Developing

EUR/USD reached exactly 23.6% (1.16693) Fibo of the impulse rally from 22nd February 2017 to 8th September 2017 and, as it could have been expected, began a slight move north.

I expect that the current move north will continue in the following days to 1.1970 – 1.2000.
In my opinion, however, the last local low (1.1669) is not the end of the correction and I expect a further corrective drop to 38.2% Fibo (1.1500 – 1.14750).

Of course, the 3-wave correction shown on the chart is just one of the possible scenarios, while the correction for the supposed fourth wave could be much more complex.

There is an alternate scenario where the pair could reach a new high, but I think that for the moment that scenario is less probable.