The pair can grow within the correction.
On the 4-hour chart, the downward momentum of the higher level A of (2) is forming. Now the development of the fifth wave v of A ha begun, within which the first wave of the lower level (i) of v has formed. If the assumption is correct, the pair will grow to the level of 1.1636. The level of 1.1528 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1528 with the target at 1.1636. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1528 will let the pair go down to the level of 1.1439.
Trade
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 1.1573
Take Profit 1.1636
Stop Loss 1.1528
Key Levels 1.1439, 1.1528, 1.1636
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1520
Take Profit 1.1439
Stop Loss 1.1547
Key Levels 1.1439, 1.1528, 1.1636
On the 4-hour chart, the downward momentum of the higher level A of (2) is forming. Now the development of the fifth wave v of A ha begun, within which the first wave of the lower level (i) of v has formed. If the assumption is correct, the pair will grow to the level of 1.1636. The level of 1.1528 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1528 with the target at 1.1636. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1528 will let the pair go down to the level of 1.1439.
Trade
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 1.1573
Take Profit 1.1636
Stop Loss 1.1528
Key Levels 1.1439, 1.1528, 1.1636
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1520
Take Profit 1.1439
Stop Loss 1.1547
Key Levels 1.1439, 1.1528, 1.1636