The pair can fall.
On the 4-hour chart, the upward momentum has formed as a first wave 1 of (C) of the higher level. Now the downward correction is developing as a wave 2 of (C), within which the price will fall to the level of 108.01. The level of 109.83 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 109.83 with the target at 108.01. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 109.83 will let the pair grow to the levels of 110.16–110.46.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 108.88
Take Profit 108.01
Stop Loss 109.83
Key Levels 108.01, 109.83, 110.16, 110.46
Alternative scenario
Recommendation BUY STOP
Entry Point 109.90
Take Profit 110.16, 110.46
Stop Loss 109.65
Key Levels 108.01, 109.83, 110.16, 110.46
On the 4-hour chart, the upward momentum has formed as a first wave 1 of (C) of the higher level. Now the downward correction is developing as a wave 2 of (C), within which the price will fall to the level of 108.01. The level of 109.83 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 109.83 with the target at 108.01. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 109.83 will let the pair grow to the levels of 110.16–110.46.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 108.88
Take Profit 108.01
Stop Loss 109.83
Key Levels 108.01, 109.83, 110.16, 110.46
Alternative scenario
Recommendation BUY STOP
Entry Point 109.90
Take Profit 110.16, 110.46
Stop Loss 109.65
Key Levels 108.01, 109.83, 110.16, 110.46