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

On the 4-hour chart, the downward correction of the higher level formed as the second wave 2, and the development of the third wave 3 begins. Now, the first wave of the lower level i of 1 of (1) of 3 has formed, and the local correction ii of 1 has ended. If the assumption is correct, the pair will grow to the levels of 1.1447–1.1571. In this scenario, critical stop loss level is 1.1180.

Main scenario

Long positions will become relevant during the correction, above the level of 1.1180 with the targets at 1.1447–1.1571. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.1180 will let the pair go down to the levels of 1.1106–1.1020.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.1277
Take Profit 1.1447, 1.1571
Stop Loss 1.1180
Key Levels 1.1020, 1.1106, 1.1180, 1.1447, 1.1571

Alternative scenario

Recommendation SELL STOP
Entry Point 1.1175
Take Profit 1.1106, 1.1020
Stop Loss 1.1210
Key Levels 1.1020, 1.1106, 1.1180, 1.1447, 1.1571
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