The pair can grow.
On the 4-hour chart, the downward momentum of the higher level A of (2) formed. Now the development of the upward correction as a wave B of (2) has begun, within which the first wave of the lower level (i) of i of a of B is forming. If the assumption is correct, the pair will grow to the levels of 1.1625–1.1745. The level of 1.1300 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1300 with the targets at 1.1625–1.1745. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1300 will let the pair go down to the levels of 1.1250–1.1200.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1418
Take Profit 1.1625, 1.1745
Stop Loss 1.1300
Key Levels 1.1200, 1.1250, 1.1300, 1.1625, 1.1745
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1290
Take Profit 1.1250, 1.1200
Stop Loss 1.1330
Key Levels 1.1200, 1.1250, 1.1300, 1.1625, 1.1745
On the 4-hour chart, the downward momentum of the higher level A of (2) formed. Now the development of the upward correction as a wave B of (2) has begun, within which the first wave of the lower level (i) of i of a of B is forming. If the assumption is correct, the pair will grow to the levels of 1.1625–1.1745. The level of 1.1300 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1300 with the targets at 1.1625–1.1745. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1300 will let the pair go down to the levels of 1.1250–1.1200.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1418
Take Profit 1.1625, 1.1745
Stop Loss 1.1300
Key Levels 1.1200, 1.1250, 1.1300, 1.1625, 1.1745
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1290
Take Profit 1.1250, 1.1200
Stop Loss 1.1330
Key Levels 1.1200, 1.1250, 1.1300, 1.1625, 1.1745