The probability of the pair reducing remains.
On the 4-hour chart, the formation of the third wave of the higher level iii of C of (2) continues. At the moment, the lower level wave (iii) of iii is being developed, in which the local correction ii of (iii) has completed and wave iii of (iii) is being developed. If the assumption is right, the decline of the pair will continue to the levels of 1.1020–1.0950. The level of 1.1326 is critical and stop loss for this scenario.
Main scenario
Short positions are relevant from the corrections below level of 1.1326 with the targets at 1.1020–1.0950. Implementation time: 7 days and more.
Alternative scenario
Breakout and consolidation of the price above the level of 1.1326 will help the pair continue growth to the levels of 1.1447–1.1515.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1215
Take Profit 1.1020, 1.0950
Stop Loss 1.1326
Key Levels 1.0950, 1.1020, 1.1326, 1.1447, 1.1515
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1335
Take Profit 1.1447, 1.1515
Stop Loss 1.1275
Key Levels 1.0950, 1.1020, 1.1326, 1.1447, 1.1515
On the 4-hour chart, the formation of the third wave of the higher level iii of C of (2) continues. At the moment, the lower level wave (iii) of iii is being developed, in which the local correction ii of (iii) has completed and wave iii of (iii) is being developed. If the assumption is right, the decline of the pair will continue to the levels of 1.1020–1.0950. The level of 1.1326 is critical and stop loss for this scenario.
Main scenario
Short positions are relevant from the corrections below level of 1.1326 with the targets at 1.1020–1.0950. Implementation time: 7 days and more.
Alternative scenario
Breakout and consolidation of the price above the level of 1.1326 will help the pair continue growth to the levels of 1.1447–1.1515.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1215
Take Profit 1.1020, 1.0950
Stop Loss 1.1326
Key Levels 1.0950, 1.1020, 1.1326, 1.1447, 1.1515
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1335
Take Profit 1.1447, 1.1515
Stop Loss 1.1275
Key Levels 1.0950, 1.1020, 1.1326, 1.1447, 1.1515