The correction is ending, the pair may grow.
On the 4-hour chart, the development of a downward correction as the wave ii of 3, shaped as a zigzag, is ending. Now, the wave (c) of ii has formed as a momentum, within which the development of the ending fifth wave v of (c) of ii is ending. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 108.77–110.67. In this scenario, critical stop loss level is 106.50.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 106.50 with the targets at 108.77–110.67. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 106.50 will let the pair go down to the level of 104.50.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 107.45
Take Profit 108.77, 110.67
Stop Loss 106.50
Key Levels 104.50, 106.50, 108.77, 110.67
Alternative scenario
Recommendation SELL STOP
Entry Point 106.40
Take Profit 104.50
Stop Loss 107.05
Key Levels 104.50, 106.50, 108.77, 110.67
On the 4-hour chart, the development of a downward correction as the wave ii of 3, shaped as a zigzag, is ending. Now, the wave (c) of ii has formed as a momentum, within which the development of the ending fifth wave v of (c) of ii is ending. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 108.77–110.67. In this scenario, critical stop loss level is 106.50.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 106.50 with the targets at 108.77–110.67. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 106.50 will let the pair go down to the level of 104.50.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 107.45
Take Profit 108.77, 110.67
Stop Loss 106.50
Key Levels 104.50, 106.50, 108.77, 110.67
Alternative scenario
Recommendation SELL STOP
Entry Point 106.40
Take Profit 104.50
Stop Loss 107.05
Key Levels 104.50, 106.50, 108.77, 110.67