The pair may grow.
On the 4-hour chart, an upward correction of the higher level develops as the wave ii of C of (2). Now, the wave (c) of ii is forming, within which the third wave of the lower level iii of (c) is developing. If the assumption is correct, the pair will grow to the levels of 1.1586–1.1620. In this scenario, critical stop loss level is 1.1474.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1474 with the targets at 1.1586–1.1620. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1474 will let the pair go down to the levels of 1.1308–1.1210.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1521
Take Profit 1.1586, 1.1620
Stop Loss 1.1474
Key Levels 1.1210, 1.1308, 1.1474, 1.1586, 1.1620
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1470
Take Profit 1.1308, 1.1210
Stop Loss 1.1530
Key Levels 1.1210, 1.1308, 1.1474, 1.1586, 1.1620
On the 4-hour chart, an upward correction of the higher level develops as the wave ii of C of (2). Now, the wave (c) of ii is forming, within which the third wave of the lower level iii of (c) is developing. If the assumption is correct, the pair will grow to the levels of 1.1586–1.1620. In this scenario, critical stop loss level is 1.1474.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1474 with the targets at 1.1586–1.1620. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1474 will let the pair go down to the levels of 1.1308–1.1210.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1521
Take Profit 1.1586, 1.1620
Stop Loss 1.1474
Key Levels 1.1210, 1.1308, 1.1474, 1.1586, 1.1620
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1470
Take Profit 1.1308, 1.1210
Stop Loss 1.1530
Key Levels 1.1210, 1.1308, 1.1474, 1.1586, 1.1620