The pair is in a correction, the fall is possible.
On the daily chart, a downward correction of the higher level forms as the wave (2), within which the wave C of (2) develops. Now the third wave of the lower level iii of C is forming, within which a local correction is developing as the wave (ii) of iii. If the assumption is correct, after the end of correction, the pair will fall to the levels of 1.1120–1.1000. In this scenario, critical stop loss level is 1.1421.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1421 with the targets at 1.1120–1.1000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1421 will let the pair grow to the levels of 1.1566–1.1812.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 1.1347 Take Profit 1.1120, 1.1000 Stop Loss 1.1421 Key Levels 1.1000, 1.1120, 1.1421, 1.1566, 1.1812
Alternative scenario
Recommendation BUY STOP Entry Point 1.1425 Take Profit 1.1566, 1.1812 Stop Loss 1.1365 Key Levels 1.1000, 1.1120, 1.1421, 1.1566, 1.1812