The pair is in a correction and may grow.
On the 4-hour chart, a downward correction of the higher level developed as the wave 2, within which the wave (C) of 2 formed. Now, the development of the third wave of the higher level 3 is beginning, within which the entry wave of the lower level i of 1 has formed, and the local correction ii of 1 is developing. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.1413–1.1562. In this scenario, critical stop loss level is 1.1110.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1110 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 1.1110 will let the pair go down to the levels of 1.1025–1.0950.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1170
Take Profit 1.1413, 1.1562
Stop Loss 1.1110
Key Levels 1.0950, 1.1025, 1.1110, 1.1413, 1.1562
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.1025, 1.0950
Stop Loss 1.1135
Key Levels 1.0950, 1.1025, 1.1110, 1.1413, 1.1562
On the 4-hour chart, a downward correction of the higher level developed as the wave 2, within which the wave (C) of 2 formed. Now, the development of the third wave of the higher level 3 is beginning, within which the entry wave of the lower level i of 1 has formed, and the local correction ii of 1 is developing. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.1413–1.1562. In this scenario, critical stop loss level is 1.1110.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1110 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 1.1110 will let the pair go down to the levels of 1.1025–1.0950.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1170
Take Profit 1.1413, 1.1562
Stop Loss 1.1110
Key Levels 1.0950, 1.1025, 1.1110, 1.1413, 1.1562
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.1025, 1.0950
Stop Loss 1.1135
Key Levels 1.0950, 1.1025, 1.1110, 1.1413, 1.1562