The trend is downward.
On the 4-hour chart, the downward momentum of the higher level A of (2) forms. Now the fifth wave v of A is developing, within which the correction of the lower level has formed as a wave (ii) of v, and the wave (iii) of v is developing. If the assumption is correct, the pair will fall to the level of 1.1439. The level of 1.1621 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1621 with the target at 1.1439. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1621 will let the pair grow to the level of 1.1745.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 1.1466
Take Profit 1.1439
Stop Loss 1.1621
Key Levels 1.1439, 1.1621, 1.1745
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1630
Take Profit 1.1745
Stop Loss 1.1590
Key Levels 1.1439, 1.1621, 1.1745
On the 4-hour chart, the downward momentum of the higher level A of (2) forms. Now the fifth wave v of A is developing, within which the correction of the lower level has formed as a wave (ii) of v, and the wave (iii) of v is developing. If the assumption is correct, the pair will fall to the level of 1.1439. The level of 1.1621 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1621 with the target at 1.1439. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1621 will let the pair grow to the level of 1.1745.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 1.1466
Take Profit 1.1439
Stop Loss 1.1621
Key Levels 1.1439, 1.1621, 1.1745
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1630
Take Profit 1.1745
Stop Loss 1.1590
Key Levels 1.1439, 1.1621, 1.1745