The pair may grow.
On the 4-hour chart, the first wave of the higher level 1 of (1) of 3 develops, within which the first wave of the lower level i of 1 formed. Now, a local correction has developed as the wave ii of 1, which has reached the correctional Fibonacci level 62%. If the assumption is correct, the pair will grow to the levels of 1.1099–1.1176. In this scenario, critical stop loss level is 1.0981.
Main scenario
Long positions will become relevant above the level of 1.0981 with the targets at 1.1099–1.1176. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0981 will let the pair go down to the levels of 1.0800–1.0750.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1018
Take Profit 1.1099, 1.1176
Stop Loss 1.0981
Key Levels 1.0750, 1.0800, 1.0981, 1.1099, 1.1176
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0975
Take Profit 1.0800, 1.0750
Stop Loss 1.1035
Key Levels 1.0750, 1.0800, 1.0981, 1.1099, 1.1176
On the 4-hour chart, the first wave of the higher level 1 of (1) of 3 develops, within which the first wave of the lower level i of 1 formed. Now, a local correction has developed as the wave ii of 1, which has reached the correctional Fibonacci level 62%. If the assumption is correct, the pair will grow to the levels of 1.1099–1.1176. In this scenario, critical stop loss level is 1.0981.
Main scenario
Long positions will become relevant above the level of 1.0981 with the targets at 1.1099–1.1176. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0981 will let the pair go down to the levels of 1.0800–1.0750.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1018
Take Profit 1.1099, 1.1176
Stop Loss 1.0981
Key Levels 1.0750, 1.0800, 1.0981, 1.1099, 1.1176
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0975
Take Profit 1.0800, 1.0750
Stop Loss 1.1035
Key Levels 1.0750, 1.0800, 1.0981, 1.1099, 1.1176