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 1.1513–1.1587. In this scenario, critical stop loss level is 1.1344.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1344 with the targets at 1.1513–1.1587. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1344 will let the pair go down to the levels of 1.1200–1.1100.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1450
Take Profit 1.1513, 1.1587
Stop Loss 1.1400
Key Levels 1.1100, 1.1200, 1.1344, 1.1513, 1.1587
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1340
Take Profit 1.1200, 1.1100
Stop Loss 1.1400
Key Levels 1.1100, 1.1200, 1.1344, 1.1513, 1.1587
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 1.1513–1.1587. In this scenario, critical stop loss level is 1.1344.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1344 with the targets at 1.1513–1.1587. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1344 will let the pair go down to the levels of 1.1200–1.1100.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1450
Take Profit 1.1513, 1.1587
Stop Loss 1.1400
Key Levels 1.1100, 1.1200, 1.1344, 1.1513, 1.1587
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1340
Take Profit 1.1200, 1.1100
Stop Loss 1.1400
Key Levels 1.1100, 1.1200, 1.1344, 1.1513, 1.1587