The pair can fall.
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the upward correction is developing as a fourth wave iv of A, within which the wave (a) of iv has formed and the wave (b) of iv is developing. If the assumption is correct, in the short term the pair will fall to the levels of 1.1675–1.1635. The level of 1.1808 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1808 with the targets at 1.1675–1.1635. Implementation period: 2–3 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1808 will let the pair grow to the level of 1.1884.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 1.1737
Take Profit 1.1675, 1.1635
Stop Loss 1.1808
Key Levels 1.1635, 1.1675, 1.1808, 1.1884
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1815
Take Profit 1.1884
Stop Loss 1.1765
Key Levels 1.1635, 1.1675, 1.1808, 1.1884
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the upward correction is developing as a fourth wave iv of A, within which the wave (a) of iv has formed and the wave (b) of iv is developing. If the assumption is correct, in the short term the pair will fall to the levels of 1.1675–1.1635. The level of 1.1808 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1808 with the targets at 1.1675–1.1635. Implementation period: 2–3 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1808 will let the pair grow to the level of 1.1884.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 1.1737
Take Profit 1.1675, 1.1635
Stop Loss 1.1808
Key Levels 1.1635, 1.1675, 1.1808, 1.1884
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1815
Take Profit 1.1884
Stop Loss 1.1765
Key Levels 1.1635, 1.1675, 1.1808, 1.1884