FX:EURUSD   Euro / U.S. Dollar
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The pair may grow.

On the 4-hour chart, the first entry wave 1 of (1) of 3 formed as a diverging diagonal triangle, and the correction 2 of (1) of 3 ended. Now, the development of the third wave 3 of (1) has begun, within which the first wave of the lower level (i) of i of 3 has formed. If the assumption is correct, the pair will grow to the levels of 1.1328–1.1413. In this scenario, critical stop loss level is 1.1191.

Main scenario

Long positions will become relevant during the correction, above the level of 1.1191 with the targets at 1.1328–1.1413. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.1191 will let the pair go down to the levels of 1.1100–1.1000.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.1268
Take Profit 1.1328, 1.1413
Stop Loss 1.1235
Key Levels 1.1000, 1.1100, 1.1191, 1.1328, 1.1413

Alternative scenario

Recommendation SELL STOP
Entry Point 1.1185
Take Profit 1.1100, 1.1000
Stop Loss 1.1215
Key Levels 1.1000, 1.1100, 1.1191, 1.1328, 1.1413
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