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 development of the wave (v) of c of the lower level has begun. 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 1.1723.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1723 with the targets at 1.1850–1.1940. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1723 will let the pair go down to the levels of 1.1648–1.1526.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1760
Take Profit 1.1850, 1.1940
Stop Loss 1.1723
Key Levels 1.1526, 1.1648, 1.1723, 1.1850, 1.1940
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1715
Take Profit 1.1648, 1.1526
Stop Loss 1.1750
Key Levels 1.1526, 1.1648, 1.1723, 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 development of the wave (v) of c of the lower level has begun. 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 1.1723.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1723 with the targets at 1.1850–1.1940. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1723 will let the pair go down to the levels of 1.1648–1.1526.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1760
Take Profit 1.1850, 1.1940
Stop Loss 1.1723
Key Levels 1.1526, 1.1648, 1.1723, 1.1850, 1.1940
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1715
Take Profit 1.1648, 1.1526
Stop Loss 1.1750
Key Levels 1.1526, 1.1648, 1.1723, 1.1850, 1.1940