The pair may decrease.
On the 4-hour chart, an upward correction of the higher level developed as the wave ii of C of (2). Now the third wave iii of C is forming, within which the local correction (ii) of iii has ended, and the wave (iii) of iii is forming. If the assumption is correct, the pair will fall to the levels of 1.1211–1.1120. In this scenario, critical stop loss level is 1.1362.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1362 with the targets at 1.1211–1.1120. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1362 will let the pair grow to the levels of 1.1438–1.1488.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1326
Take Profit 1.1211, 1.1120
Stop Loss 1.1415
Key Levels 1.1120, 1.1211, 1.1362, 1.1438, 1.1488
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1370
Take Profit 1.1438, 1.1488
Stop Loss 1.1335
Key Levels 1.1120, 1.1211, 1.1362, 1.1438, 1.1488
On the 4-hour chart, an upward correction of the higher level developed as the wave ii of C of (2). Now the third wave iii of C is forming, within which the local correction (ii) of iii has ended, and the wave (iii) of iii is forming. If the assumption is correct, the pair will fall to the levels of 1.1211–1.1120. In this scenario, critical stop loss level is 1.1362.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1362 with the targets at 1.1211–1.1120. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1362 will let the pair grow to the levels of 1.1438–1.1488.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1326
Take Profit 1.1211, 1.1120
Stop Loss 1.1415
Key Levels 1.1120, 1.1211, 1.1362, 1.1438, 1.1488
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1370
Take Profit 1.1438, 1.1488
Stop Loss 1.1335
Key Levels 1.1120, 1.1211, 1.1362, 1.1438, 1.1488