The correction is ending, the pair may grow.
On the 4-hour chart, the formation of the downward correction of the higher level as the second wave 2 ends, and the development of the third wave 3 begins. Now, the first wave of the lower level 1 of (1) of 3 is forming, within which the wave iii of 1 has formed, and the correction is ending as the wave iv of 1. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.1460–1.1517. In this scenario, critical stop loss level is 1.1182.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.1182 with the targets at 1.1460–1.1517. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1182 will let the pair go down to the levels of 1.1159–1.1041.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1284
Take Profit 1.1460, 1.1517
Stop Loss 1.1182
Key Levels 1.1041, 1.1159, 1.1182, 1.1460, 1.1517
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1180
Take Profit 1.1159, 1.1041
Stop Loss 1.1200
Key Levels 1.1041, 1.1159, 1.1182, 1.1460, 1.1517
On the 4-hour chart, the formation of the downward correction of the higher level as the second wave 2 ends, and the development of the third wave 3 begins. Now, the first wave of the lower level 1 of (1) of 3 is forming, within which the wave iii of 1 has formed, and the correction is ending as the wave iv of 1. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.1460–1.1517. In this scenario, critical stop loss level is 1.1182.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.1182 with the targets at 1.1460–1.1517. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1182 will let the pair go down to the levels of 1.1159–1.1041.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1284
Take Profit 1.1460, 1.1517
Stop Loss 1.1182
Key Levels 1.1041, 1.1159, 1.1182, 1.1460, 1.1517
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1180
Take Profit 1.1159, 1.1041
Stop Loss 1.1200
Key Levels 1.1041, 1.1159, 1.1182, 1.1460, 1.1517