The pair can fall.
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave w of B has formed as a zigzag, and the wave x of B is developing, within which the downward momentum is forming as a wave (a) of x. If the assumption is correct, the pair will fall to the levels of 1.1550–1.1495. In this scenario, critical stop loss level is 1.1652.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1652 with the targets at 1.1550–1.1495. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1652 will let the pair grow to the levels of 1.1692–1.1730.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1590
Take Profit 1.1550, 1.1495
Stop Loss 1.1625
Key Levels 1.1495, 1.1550, 1.1652, 1.1692, 1.1730
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1660
Take Profit 1.1692, 1.1730
Stop Loss 1.1635
Key Levels 1.1495, 1.1550, 1.1652, 1.1692, 1.1730
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave w of B has formed as a zigzag, and the wave x of B is developing, within which the downward momentum is forming as a wave (a) of x. If the assumption is correct, the pair will fall to the levels of 1.1550–1.1495. In this scenario, critical stop loss level is 1.1652.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1652 with the targets at 1.1550–1.1495. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1652 will let the pair grow to the levels of 1.1692–1.1730.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1590
Take Profit 1.1550, 1.1495
Stop Loss 1.1625
Key Levels 1.1495, 1.1550, 1.1652, 1.1692, 1.1730
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1660
Take Profit 1.1692, 1.1730
Stop Loss 1.1635
Key Levels 1.1495, 1.1550, 1.1652, 1.1692, 1.1730