The pair is in a correction, a fall is possible.
On the 4-hour chart, the third wave of the higher level iii of C of (2) forms. Now, the wave (iii) of iii of the lower level is developing, within which the local correction iv of (iii) is ending. If the assumption is correct, the pair will fall to the levels of 1.1020–1.0950. In this scenario, critical stop loss level is 1.1323.
Main scenario
Short positions will become relevant below the level of 1.1323 with the targets at 1.1020–1.0950. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1323 will let the pair grow to the levels of 1.1447–1.1515.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1236
Take Profit 1.1020, 1.0950
Stop Loss 1.1323
Key Levels 1.0950, 1.1020, 1.1323, 1.1447, 1.1515
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1330
Take Profit 1.1447, 1.1515
Stop Loss 1.1270
Key Levels 1.0950, 1.1020, 1.1323, 1.1447, 1.1515
On the 4-hour chart, the third wave of the higher level iii of C of (2) forms. Now, the wave (iii) of iii of the lower level is developing, within which the local correction iv of (iii) is ending. If the assumption is correct, the pair will fall to the levels of 1.1020–1.0950. In this scenario, critical stop loss level is 1.1323.
Main scenario
Short positions will become relevant below the level of 1.1323 with the targets at 1.1020–1.0950. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1323 will let the pair grow to the levels of 1.1447–1.1515.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1236
Take Profit 1.1020, 1.0950
Stop Loss 1.1323
Key Levels 1.0950, 1.1020, 1.1323, 1.1447, 1.1515
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1330
Take Profit 1.1447, 1.1515
Stop Loss 1.1270
Key Levels 1.0950, 1.1020, 1.1323, 1.1447, 1.1515