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 wave (iii) of iii is developing. If the assumption is correct, the pair will fall to the levels of 1.1200–1.1120. In this scenario, critical stop loss level is 1.1341.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1341 with the targets at 1.1200–1.1120. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1341 will let the pair grow to the levels of 1.1409–1.1510.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1277
Take Profit 1.1200, 1.1120
Stop Loss 1.1341
Key Levels 1.1120, 1.1200, 1.1341, 1.1409, 1.1510
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1350
Take Profit 1.1409, 1.1510
Stop Loss 1.1320
Key Levels 1.1120, 1.1200, 1.1341, 1.1409, 1.1510
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 wave (iii) of iii is developing. If the assumption is correct, the pair will fall to the levels of 1.1200–1.1120. In this scenario, critical stop loss level is 1.1341.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1341 with the targets at 1.1200–1.1120. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1341 will let the pair grow to the levels of 1.1409–1.1510.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1277
Take Profit 1.1200, 1.1120
Stop Loss 1.1341
Key Levels 1.1120, 1.1200, 1.1341, 1.1409, 1.1510
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1350
Take Profit 1.1409, 1.1510
Stop Loss 1.1320
Key Levels 1.1120, 1.1200, 1.1341, 1.1409, 1.1510