The pair may grow.
On the daily chart, the downward correction of the higher level developed as the wave 2, within which the wave (C) of 2 formed as a diagonal. Now, the development of the first entry wave of the lower level i has begun. If the assumption is correct, the pair will grow to the levels of 1.1413–1.1562. In this scenario, critical stop loss level is 1.1026.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1026 with the targets at 1.1413–1.1562. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1026 will let the pair go down to the levels of 1.0950–1.0900.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1208
Take Profit 1.1413, 1.1562
Stop Loss 1.1026
Key Levels 1.0900, 1.0950, 1.1026, 1.1413, 1.1562
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1020
Take Profit 1.0950, 1.0900
Stop Loss 1.1055
Key Levels 1.0900, 1.0950, 1.1026, 1.1413, 1.1562
On the daily chart, the downward correction of the higher level developed as the wave 2, within which the wave (C) of 2 formed as a diagonal. Now, the development of the first entry wave of the lower level i has begun. If the assumption is correct, the pair will grow to the levels of 1.1413–1.1562. In this scenario, critical stop loss level is 1.1026.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1026 with the targets at 1.1413–1.1562. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1026 will let the pair go down to the levels of 1.0950–1.0900.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1208
Take Profit 1.1413, 1.1562
Stop Loss 1.1026
Key Levels 1.0900, 1.0950, 1.1026, 1.1413, 1.1562
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1020
Take Profit 1.0950, 1.0900
Stop Loss 1.1055
Key Levels 1.0900, 1.0950, 1.1026, 1.1413, 1.1562