The pair can grow.
On the 4-hour chart, the downward momentum of the higher level A of (2) is forming, within which the local correction is developing as a fourth wave of the lower level iv of A. Now the fourth wave is taking a shape of a triangle, within which the wave (d) of iv has formed, and the development of the wave (e) of iv has begun. If the assumption is correct, in the short term the pair will grow to the level of 1.1750. The level of 1.1573 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1573 with the target at 1.1750. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1573 will let the pair go down to the levels of 1.1440–1.1320.
Trade
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 1.1655
Take Profit 1.1750
Stop Loss 1.1573
Key Levels 1.1320, 1.1440, 1.1573, 1.1750
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1565
Take Profit 1.1440, 1.1320
Stop Loss 1.1605
Key Levels 1.1320, 1.1440, 1.1573, 1.1750
On the 4-hour chart, the downward momentum of the higher level A of (2) is forming, within which the local correction is developing as a fourth wave of the lower level iv of A. Now the fourth wave is taking a shape of a triangle, within which the wave (d) of iv has formed, and the development of the wave (e) of iv has begun. If the assumption is correct, in the short term the pair will grow to the level of 1.1750. The level of 1.1573 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1573 with the target at 1.1750. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1573 will let the pair go down to the levels of 1.1440–1.1320.
Trade
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 1.1655
Take Profit 1.1750
Stop Loss 1.1573
Key Levels 1.1320, 1.1440, 1.1573, 1.1750
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1565
Take Profit 1.1440, 1.1320
Stop Loss 1.1605
Key Levels 1.1320, 1.1440, 1.1573, 1.1750