The pair can grow within the correction.
On the 4-hour chart, the downward correction of the higher level is forming as a wave (2), within which the wave A of (2) is developing. Now the third wave of the lower level iii of A is forming, within which the wave (iii) of iii has ended. If the assumption is correct, the pair will grow to the levels of 1.1962–1.2048. The level of 1.1820 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 1.1820 with the targets at 1.1962–1.2048. Implementation period: 3–5 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1820 will let the pair go down to the level of 1.1700.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1864
Take Profit 1.1962, 1.2048
Stop Loss 1.1820
Key Levels 1.1700, 1.1820, 1.1962, 1.2048
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1810
Take Profit 1.1700
Stop Loss 1.1845
Key Levels 1.1700, 1.1820, 1.1962, 1.2048
On the 4-hour chart, the downward correction of the higher level is forming as a wave (2), within which the wave A of (2) is developing. Now the third wave of the lower level iii of A is forming, within which the wave (iii) of iii has ended. If the assumption is correct, the pair will grow to the levels of 1.1962–1.2048. The level of 1.1820 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 1.1820 with the targets at 1.1962–1.2048. Implementation period: 3–5 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1820 will let the pair go down to the level of 1.1700.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1864
Take Profit 1.1962, 1.2048
Stop Loss 1.1820
Key Levels 1.1700, 1.1820, 1.1962, 1.2048
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1810
Take Profit 1.1700
Stop Loss 1.1845
Key Levels 1.1700, 1.1820, 1.1962, 1.2048