The pair may grow.
On the 4-hour chart, the third wave of the higher level 3 of (C) develops, within which the formation of the wave iii of 3 began. Now the third wave of the lower level (iii) of iii is developing. If the assumption is correct, the pair will grow to the levels of 113.00–114.00. In this scenario, critical stop loss level is 110.83.
Main scenario
Long positions will become relevant during the correction, above the level of 110.83 with the targets at 113.00–114.00. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 110.83 will let the pair go down to the levels of 109.66–108.31.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.91
Take Profit 113.00, 114.00
Stop Loss 111.10
Key Levels 108.31, 109.66, 110.83, 113.00, 114.00
Alternative scenario
Recommendation SELL STOP
Entry Point 110.75
Take Profit 109.66, 108.31
Stop Loss 111.30
Key Levels 108.31, 109.66, 110.83, 113.00, 114.00
On the 4-hour chart, the third wave of the higher level 3 of (C) develops, within which the formation of the wave iii of 3 began. Now the third wave of the lower level (iii) of iii is developing. If the assumption is correct, the pair will grow to the levels of 113.00–114.00. In this scenario, critical stop loss level is 110.83.
Main scenario
Long positions will become relevant during the correction, above the level of 110.83 with the targets at 113.00–114.00. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 110.83 will let the pair go down to the levels of 109.66–108.31.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.91
Take Profit 113.00, 114.00
Stop Loss 111.10
Key Levels 108.31, 109.66, 110.83, 113.00, 114.00
Alternative scenario
Recommendation SELL STOP
Entry Point 110.75
Take Profit 109.66, 108.31
Stop Loss 111.30
Key Levels 108.31, 109.66, 110.83, 113.00, 114.00