The pair may fall.
On the 4-hour chart, a downward correction of the higher level develops as the wave 2, within which the fifth wave 5 of (C) of 2 forms as a zigzag. Now, the wave c of 5 is developing, within which the third wave of the lower level (iii) of c has formed, and the local correction (iv) of c is forming. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.0900–1.0850. In this scenario, critical stop loss level is 1.1044.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1044 with the targets at 1.0900–1.0850. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1044 will let the pair grow to the levels of 1.1163–1.1249.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.0975
Take Profit 1.0900, 1.0850
Stop Loss 1.1044
Key Levels 1.0850, 1.0900, 1.1044, 1.1163, 1.1249
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1050
Take Profit 1.1163, 1.1249
Stop Loss 1.1000
Key Levels 1.0850, 1.0900, 1.1044, 1.1163, 1.1249
On the 4-hour chart, a downward correction of the higher level develops as the wave 2, within which the fifth wave 5 of (C) of 2 forms as a zigzag. Now, the wave c of 5 is developing, within which the third wave of the lower level (iii) of c has formed, and the local correction (iv) of c is forming. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.0900–1.0850. In this scenario, critical stop loss level is 1.1044.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1044 with the targets at 1.0900–1.0850. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1044 will let the pair grow to the levels of 1.1163–1.1249.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.0975
Take Profit 1.0900, 1.0850
Stop Loss 1.1044
Key Levels 1.0850, 1.0900, 1.1044, 1.1163, 1.1249
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1050
Take Profit 1.1163, 1.1249
Stop Loss 1.1000
Key Levels 1.0850, 1.0900, 1.1044, 1.1163, 1.1249