The correction has ended, the price can fall.
On the 4-hour chart, the downward momentum of the higher level A of (2) is forming, within which the local correction has ended as a fourth wave of the lower level iv of A. Now the fourth wave has taken a shape of a triangle, within which the wave (e) of iv has developed. If the assumption is correct, the pair will fall within the fifth wave v of A to the levels of 1.1439–1.1320. The level of 1.1790 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1790 with the targets at 1.1439–1.1320. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1790 will let the pair grow to the levels of 1.1900–1.2000.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1693
Take Profit 1.1439, 1.1320
Stop Loss 1.1790
Key Levels 1.1320, 1.1439, 1.1790, 1.1900, 1.2000
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1800
Take Profit 1.1900, 1.2000
Stop Loss 1.1765
Key Levels 1.1320, 1.1439, 1.1790, 1.1900, 1.2000
On the 4-hour chart, the downward momentum of the higher level A of (2) is forming, within which the local correction has ended as a fourth wave of the lower level iv of A. Now the fourth wave has taken a shape of a triangle, within which the wave (e) of iv has developed. If the assumption is correct, the pair will fall within the fifth wave v of A to the levels of 1.1439–1.1320. The level of 1.1790 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1790 with the targets at 1.1439–1.1320. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1790 will let the pair grow to the levels of 1.1900–1.2000.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1693
Take Profit 1.1439, 1.1320
Stop Loss 1.1790
Key Levels 1.1320, 1.1439, 1.1790, 1.1900, 1.2000
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1800
Take Profit 1.1900, 1.2000
Stop Loss 1.1765
Key Levels 1.1320, 1.1439, 1.1790, 1.1900, 1.2000