The pair can grow.
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave c of B is forming, within which the wave (iii) of c of the lower level is developing. 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 1.1650.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1650 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 1.1650 will let the pair go down to the levels of 1.1515–1.1463.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1773
Take Profit 1.1850, 1.1940
Stop Loss 1.1730
Key Levels 1.1463, 1.1515, 1.1650, 1.1850, 1.1940
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1645
Take Profit 1.1515, 1.1463
Stop Loss 1.1690
Key Levels 1.1463, 1.1515, 1.1650, 1.1850, 1.1940
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave c of B is forming, within which the wave (iii) of c of the lower level is developing. 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 1.1650.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1650 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 1.1650 will let the pair go down to the levels of 1.1515–1.1463.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1773
Take Profit 1.1850, 1.1940
Stop Loss 1.1730
Key Levels 1.1463, 1.1515, 1.1650, 1.1850, 1.1940
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1645
Take Profit 1.1515, 1.1463
Stop Loss 1.1690
Key Levels 1.1463, 1.1515, 1.1650, 1.1850, 1.1940