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

On the 4-hour chart, a downward correction of the higher level developed as the wave 2, and the formation of the wave 3 began. Now, the entry wave of the lower level i of 1 has formed, and the local correction ii of 1 has ended. If the assumption is correct, the pair will grow to the levels of 1.1413–1.1562. In this scenario, critical stop loss level is 1.1026.

Main scenario

Long positions will become relevant during the correction, above the level of 1.1026 with the targets at 1.1413–1.1562. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 1.1026 will let the pair go down to the level of 1.0950.

Trade

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 1.1077
Take Profit 1.1413, 1.1562
Stop Loss 1.1026
Key Levels 1.0950, 1.1026, 1.1413, 1.1562

Alternative scenario

Recommendation SELL STOP
Entry Point 1.1020
Take Profit 1.0950
Stop Loss 1.1055
Key Levels 1.0950, 1.1026, 1.1413, 1.1562
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