The pair falls.
On the daily chart, the downward correction of the higher level develops as the wave 2, within which the wave (C) of 2 forms. Now, the fifth wave 5 of (C) is developing, within which the wave a of 5 is ending. If the assumption is correct, after the correction b of 5 the pair will fall to the levels of 1.0950–1.0900. In this scenario, critical stop loss level is 1.1282.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1282 with the targets at 1.0950–1.0900. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1282 will let the pair grow to the levels of 1.1413–1.1562.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1041
Take Profit 1.0950, 1.0900
Stop Loss 1.1100
Key Levels 1.0900, 1.0950, 1.1282, 1.1413, 1.1562
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1290
Take Profit 1.1413, 1.1562
Stop Loss 1.1230
Key Levels 1.0900, 1.0950, 1.1282, 1.1413, 1.1562
On the daily chart, the downward correction of the higher level develops as the wave 2, within which the wave (C) of 2 forms. Now, the fifth wave 5 of (C) is developing, within which the wave a of 5 is ending. If the assumption is correct, after the correction b of 5 the pair will fall to the levels of 1.0950–1.0900. In this scenario, critical stop loss level is 1.1282.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1282 with the targets at 1.0950–1.0900. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1282 will let the pair grow to the levels of 1.1413–1.1562.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1041
Take Profit 1.0950, 1.0900
Stop Loss 1.1100
Key Levels 1.0900, 1.0950, 1.1282, 1.1413, 1.1562
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1290
Take Profit 1.1413, 1.1562
Stop Loss 1.1230
Key Levels 1.0900, 1.0950, 1.1282, 1.1413, 1.1562