The pair may grow.
On the 4-hour chart, the downward correction of the higher level develops as a wave (2), within which the wave C of (2) forms. Now the first wave of the lower level i of C has formed, and the upward correction is forming as a second wave ii of C, within which the wave (b) of ii is forming. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.1511–1.1586. In this scenario, critical stop loss level is 1.1311.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1311 with the targets at 1.1511–1.1586. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1311 will let the pair go down to the level of 1.1213.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1414
Take Profit 1.1511, 1.1586
Stop Loss 1.1320
Key Levels 1.1213, 1.1311, 1.1511, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1305
Take Profit 1.1213
Stop Loss 1.1335
Key Levels 1.1213, 1.1311, 1.1511, 1.1586
On the 4-hour chart, the downward correction of the higher level develops as a wave (2), within which the wave C of (2) forms. Now the first wave of the lower level i of C has formed, and the upward correction is forming as a second wave ii of C, within which the wave (b) of ii is forming. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.1511–1.1586. In this scenario, critical stop loss level is 1.1311.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1311 with the targets at 1.1511–1.1586. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1311 will let the pair go down to the level of 1.1213.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1414
Take Profit 1.1511, 1.1586
Stop Loss 1.1320
Key Levels 1.1213, 1.1311, 1.1511, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1305
Take Profit 1.1213
Stop Loss 1.1335
Key Levels 1.1213, 1.1311, 1.1511, 1.1586