The pair can grow.
On the 4-hour chart, the downward momentum has formed as a wave C within the correction of the higher level (B). Now the first entering wave of the lower level (i) of i within the wave (C) has formed, and the correction (ii) of I has ended. If the assumption is correct, the pair will grow to the levels of 109.60–110.83. The level of 104.60 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 104.60 with the targets at 109.60–110.83.
Alternative scenario
The breakdown and the consolidation of the price below the level of 104.60 will let the pair go down to the level of 103.50.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 106.60
Take Profit 109.60, 110.83
Stop Loss 105.60
Key Levels 103.50, 104.60, 109.60, 110.83
Alternative scenario
Recommendation SELL STOP
Entry Point 104.50
Take Profit 103.50
Stop Loss 105.10
Key Levels 103.50, 104.60, 109.60, 110.83
On the 4-hour chart, the downward momentum has formed as a wave C within the correction of the higher level (B). Now the first entering wave of the lower level (i) of i within the wave (C) has formed, and the correction (ii) of I has ended. If the assumption is correct, the pair will grow to the levels of 109.60–110.83. The level of 104.60 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 104.60 with the targets at 109.60–110.83.
Alternative scenario
The breakdown and the consolidation of the price below the level of 104.60 will let the pair go down to the level of 103.50.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 106.60
Take Profit 109.60, 110.83
Stop Loss 105.60
Key Levels 103.50, 104.60, 109.60, 110.83
Alternative scenario
Recommendation SELL STOP
Entry Point 104.50
Take Profit 103.50
Stop Loss 105.10
Key Levels 103.50, 104.60, 109.60, 110.83