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 as a wave B of (2) begun. Now the wave b of B has formed, and the development of the wave c of B has begun, within which the wave (i) of c of the lower level is forming. If the assumption is correct, the pair will grow to the levels of 1.1850–1.1940. In this scenario, critical stop loss level is 1.1525.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1525 with the targets at 1.1850–1.1940. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1525 will let the pair go down to the level of 1.1460.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1703
Take Profit 1.1850, 1.1940
Stop Loss 1.1640
Key Levels 1.1460, 1.1525, 1.1850, 1.1940
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1520
Take Profit 1.1460
Stop Loss 1.1540
Key Levels 1.1460, 1.1525, 1.1850, 1.1940
On the 4-hour chart, the downward momentum of the higher level A of (2) formed, and the development of the upward correction as a wave B of (2) begun. Now the wave b of B has formed, and the development of the wave c of B has begun, within which the wave (i) of c of the lower level is forming. If the assumption is correct, the pair will grow to the levels of 1.1850–1.1940. In this scenario, critical stop loss level is 1.1525.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1525 with the targets at 1.1850–1.1940. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1525 will let the pair go down to the level of 1.1460.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1703
Take Profit 1.1850, 1.1940
Stop Loss 1.1640
Key Levels 1.1460, 1.1525, 1.1850, 1.1940
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1520
Take Profit 1.1460
Stop Loss 1.1540
Key Levels 1.1460, 1.1525, 1.1850, 1.1940