The pair may grow.
On the daily chart, a large correction of the higher level developed as the wave (B) shaped as a flat. Now, the formation of the wave (C) is beginning, within which the first wave of the lower level i of 1 of (C) is developing. If the assumption is correct, the pair will grow to the levels of 109.35–112.32. In this scenario, critical stop loss level is 105.71.
Main scenario
Long positions will become relevant during the correction, above the level of 105.71 with the targets at 109.35–112.32. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 105.71 will let the pair go down to the levels of 104.40–103.00.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 108.05
Take Profit 109.35, 112.32
Stop Loss 107.00
Key Levels 103.00, 104.40, 105.71, 109.35, 112.32
Alternative scenario
Recommendation SELL STOP
Entry Point 105.65
Take Profit 104.40, 103.00
Stop Loss 106.25
Key Levels 103.00, 104.40, 105.71, 109.35, 112.32
On the daily chart, a large correction of the higher level developed as the wave (B) shaped as a flat. Now, the formation of the wave (C) is beginning, within which the first wave of the lower level i of 1 of (C) is developing. If the assumption is correct, the pair will grow to the levels of 109.35–112.32. In this scenario, critical stop loss level is 105.71.
Main scenario
Long positions will become relevant during the correction, above the level of 105.71 with the targets at 109.35–112.32. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 105.71 will let the pair go down to the levels of 104.40–103.00.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 108.05
Take Profit 109.35, 112.32
Stop Loss 107.00
Key Levels 103.00, 104.40, 105.71, 109.35, 112.32
Alternative scenario
Recommendation SELL STOP
Entry Point 105.65
Take Profit 104.40, 103.00
Stop Loss 106.25
Key Levels 103.00, 104.40, 105.71, 109.35, 112.32