The pair can grow.
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the local correction is developing as a fourth wave of the lower level iv of A, within which the wave (c) of iv is forming. If the assumption is correct, the pair will grow to the level of 1.1877. The level of 1.1628 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1628 with the target at 1.1877. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1628 will let the pair go down to the levels of 1.1440–1.1320.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1678
Take Profit 1.1877
Stop Loss 1.1628
Key Levels 1.1320, 1.1440, 1.1628, 1.1877
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1620
Take Profit 1.1440, 1.1320
Stop Loss 1.1680
Key Levels 1.1320, 1.1440, 1.1628, 1.1877
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the local correction is developing as a fourth wave of the lower level iv of A, within which the wave (c) of iv is forming. If the assumption is correct, the pair will grow to the level of 1.1877. The level of 1.1628 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1628 with the target at 1.1877. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1628 will let the pair go down to the levels of 1.1440–1.1320.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1678
Take Profit 1.1877
Stop Loss 1.1628
Key Levels 1.1320, 1.1440, 1.1628, 1.1877
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1620
Take Profit 1.1440, 1.1320
Stop Loss 1.1680
Key Levels 1.1320, 1.1440, 1.1628, 1.1877