The pair can grow.
On the 4-hour chart, the downward momentum of the higher level A of (2) formed, and the development of the upward correction began as a wave B of (2). Now the wave a of B is developing, within which the third wave of the lower level (iii) of a is forming. If the assumption is correct, the pair will grow to the levels of 1.1745–1.1850. In this scenario, critical stop loss level is 1.1591.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1591 with the targets at 1.1745–1.1850. Implementation period: 3–5 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1591 will let the pair go down to the levels of 1.1500–1.1450.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1673
Take Profit 1.1745, 1.1850
Stop Loss 1.1600
Key Levels 1.1450, 1.1500, 1.1591, 1.1745, 1.1850
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1585
Take Profit 1.1500, 1.1450
Stop Loss 1.1645
Key Levels 1.1450, 1.1500, 1.1591, 1.1745, 1.1850
On the 4-hour chart, the downward momentum of the higher level A of (2) formed, and the development of the upward correction began as a wave B of (2). Now the wave a of B is developing, within which the third wave of the lower level (iii) of a is forming. If the assumption is correct, the pair will grow to the levels of 1.1745–1.1850. In this scenario, critical stop loss level is 1.1591.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1591 with the targets at 1.1745–1.1850. Implementation period: 3–5 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1591 will let the pair go down to the levels of 1.1500–1.1450.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1673
Take Profit 1.1745, 1.1850
Stop Loss 1.1600
Key Levels 1.1450, 1.1500, 1.1591, 1.1745, 1.1850
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1585
Take Profit 1.1500, 1.1450
Stop Loss 1.1645
Key Levels 1.1450, 1.1500, 1.1591, 1.1745, 1.1850