The pair can grow.
On the 4-hour chart, the third wave of the higher level 3 of C develops. Now the first wave of the lower level i of 3 is forming as a wedge, within which the local correction has ended as a wave (iv) of i, and the formation of the wave (v) of i has begun. If the assumption is correct, the pair will grow to the levels of 115.00–116.50. In this scenario, critical stop loss level is 111.60.
Main scenario
Long positions will become relevant during the correction, above the level of 111.60 with the targets at 115.00–116.50. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 111.60 will let the pair go down to the level of 109.76.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 112.40
Take Profit 115.00, 116.50
Stop Loss 111.60
Key Levels 109.76, 111.60, 115.00, 116.50
Alternative scenario
Recommendation SELL STOP
Entry Point 111.55
Take Profit 109.76
Stop Loss 112.15
Key Levels 109.76, 111.60, 115.00, 116.50
On the 4-hour chart, the third wave of the higher level 3 of C develops. Now the first wave of the lower level i of 3 is forming as a wedge, within which the local correction has ended as a wave (iv) of i, and the formation of the wave (v) of i has begun. If the assumption is correct, the pair will grow to the levels of 115.00–116.50. In this scenario, critical stop loss level is 111.60.
Main scenario
Long positions will become relevant during the correction, above the level of 111.60 with the targets at 115.00–116.50. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 111.60 will let the pair go down to the level of 109.76.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 112.40
Take Profit 115.00, 116.50
Stop Loss 111.60
Key Levels 109.76, 111.60, 115.00, 116.50
Alternative scenario
Recommendation SELL STOP
Entry Point 111.55
Take Profit 109.76
Stop Loss 112.15
Key Levels 109.76, 111.60, 115.00, 116.50