The pair can grow.
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave x of B is developing, within which the downward momentum has formed as a wave (a) of x, and the local correction is developing as a wave (b) of x. If the assumption is correct, in the short term the pair will grow to the levels of 1.1590–1.1635. In this scenario, critical stop loss level is 1.1459.
Main scenario
Long positions will become relevant above the level of 1.1459 with the targets at 1.1590–1.1635. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1459 will let the pair go down to the levels of 1.1390–1.3000.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1475
Take Profit 1.1590, 1.1635
Stop Loss 1.1459
Key Levels 1.3000, 1.1390, 1.1459, 1.1590, 1.1635
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1455
Take Profit 1.1390, 1.3000
Stop Loss 1.1480
Key Levels 1.3000, 1.1390, 1.1459, 1.1590, 1.1635
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave x of B is developing, within which the downward momentum has formed as a wave (a) of x, and the local correction is developing as a wave (b) of x. If the assumption is correct, in the short term the pair will grow to the levels of 1.1590–1.1635. In this scenario, critical stop loss level is 1.1459.
Main scenario
Long positions will become relevant above the level of 1.1459 with the targets at 1.1590–1.1635. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1459 will let the pair go down to the levels of 1.1390–1.3000.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1475
Take Profit 1.1590, 1.1635
Stop Loss 1.1459
Key Levels 1.3000, 1.1390, 1.1459, 1.1590, 1.1635
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1455
Take Profit 1.1390, 1.3000
Stop Loss 1.1480
Key Levels 1.3000, 1.1390, 1.1459, 1.1590, 1.1635