A growth within the correction is possible.
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 1.2028–1.2100. The level of 1.1910 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 1.1910 with the targets at 1.2028–1.2100. Implementation period: 3–5 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1910 will let the pair go down to the levels of 1.1800–1.1700.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1939
Take Profit 1.2028, 1.2100
Stop Loss 1.1910
Key Levels 1.1700, 1.1800, 1.1910, 1.2028, 1.2100
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1900
Take Profit 1.1800, 1.1700
Stop Loss 1.1960
Key Levels 1.1700, 1.1800, 1.1910, 1.2028, 1.2100
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 1.2028–1.2100. The level of 1.1910 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 1.1910 with the targets at 1.2028–1.2100. Implementation period: 3–5 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1910 will let the pair go down to the levels of 1.1800–1.1700.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1939
Take Profit 1.2028, 1.2100
Stop Loss 1.1910
Key Levels 1.1700, 1.1800, 1.1910, 1.2028, 1.2100
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1900
Take Profit 1.1800, 1.1700
Stop Loss 1.1960
Key Levels 1.1700, 1.1800, 1.1910, 1.2028, 1.2100