The trend is downward.
On the 4-hour chart, the downward momentum of the higher level A of (2) forms. Now the fifth wave v of A is developing, within which the correction of the lower level has formed as a wave (iv) of v, and the wave (v) of v is developing. If the assumption is correct, the pair will fall to the levels of 1.1250–1.1200. The level of 1.1429 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1429 with the targets at 1.1250–1.1200. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1429 will let the pair grow to the level of 1.1625.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1345
Take Profit 1.1250, 1.1200
Stop Loss 1.1429
Key Levels 1.1200, 1.1250, 1.1429, 1.1625
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1435
Take Profit 1.1625
Stop Loss 1.1370
Key Levels 1.1200, 1.1250, 1.1429, 1.1625
On the 4-hour chart, the downward momentum of the higher level A of (2) forms. Now the fifth wave v of A is developing, within which the correction of the lower level has formed as a wave (iv) of v, and the wave (v) of v is developing. If the assumption is correct, the pair will fall to the levels of 1.1250–1.1200. The level of 1.1429 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1429 with the targets at 1.1250–1.1200. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1429 will let the pair grow to the level of 1.1625.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1345
Take Profit 1.1250, 1.1200
Stop Loss 1.1429
Key Levels 1.1200, 1.1250, 1.1429, 1.1625
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1435
Take Profit 1.1625
Stop Loss 1.1370
Key Levels 1.1200, 1.1250, 1.1429, 1.1625