The pair can fall.
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave b of B is developing, within which the wave (c) of b is forming as a momentum. If the assumption is correct, the pair will fall to the levels of 1.1350–1.1296. In this scenario, critical stop loss level is 1.1547.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1547 with the targets at 1.1350–1.1296. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1547 will let the pair grow to the levels of 1.1623–1.1813.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1417
Take Profit 1.1350, 1.1296
Stop Loss 1.1480
Key Levels 1.1296, 1.1350, 1.1547, 1.1623, 1.1813
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1550
Take Profit 1.1623, 1.1813
Stop Loss 1.1490
Key Levels 1.1296, 1.1350, 1.1547, 1.1623, 1.1813
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave b of B is developing, within which the wave (c) of b is forming as a momentum. If the assumption is correct, the pair will fall to the levels of 1.1350–1.1296. In this scenario, critical stop loss level is 1.1547.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1547 with the targets at 1.1350–1.1296. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1547 will let the pair grow to the levels of 1.1623–1.1813.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1417
Take Profit 1.1350, 1.1296
Stop Loss 1.1480
Key Levels 1.1296, 1.1350, 1.1547, 1.1623, 1.1813
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1550
Take Profit 1.1623, 1.1813
Stop Loss 1.1490
Key Levels 1.1296, 1.1350, 1.1547, 1.1623, 1.1813