The pair can grow.
On the 4-hour chart, the correction of the higher level formed as a wave 2 of (C), and the development of the third wave 3 of C began. Now the first wave of the lower level i of 3 is forming, within which the wave (iii) of I is developing. If the assumption is correct, the pair will grow to the levels of 113.22–113.80. In this scenario, critical stop loss level is 112.06.
Main scenario
Long positions will become relevant during the correction, above the level of 112.06 with the targets at 113.22–113.80. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 112.06 will let the pair go down to the levels of 111.96–110.35.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 112.48
Take Profit 113.22, 113.80
Stop Loss 112.06
Key Levels 110.35, 111.96, 112.06, 113.22, 113.80
Alternative scenario
Recommendation SELL STOP
Entry Point 112.00
Take Profit 110.35
Stop Loss 112.55
Key Levels 110.35, 111.96, 112.06, 113.22, 113.80
On the 4-hour chart, the correction of the higher level formed as a wave 2 of (C), and the development of the third wave 3 of C began. Now the first wave of the lower level i of 3 is forming, within which the wave (iii) of I is developing. If the assumption is correct, the pair will grow to the levels of 113.22–113.80. In this scenario, critical stop loss level is 112.06.
Main scenario
Long positions will become relevant during the correction, above the level of 112.06 with the targets at 113.22–113.80. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 112.06 will let the pair go down to the levels of 111.96–110.35.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 112.48
Take Profit 113.22, 113.80
Stop Loss 112.06
Key Levels 110.35, 111.96, 112.06, 113.22, 113.80
Alternative scenario
Recommendation SELL STOP
Entry Point 112.00
Take Profit 110.35
Stop Loss 112.55
Key Levels 110.35, 111.96, 112.06, 113.22, 113.80