The pair is in a correction and can grow.
On the 4-hour chart, the third wave of the higher level 3 of C develops. Now the first wave of the lower level i of 3 is forming as a wedge, within which the local correction is ending as a wave (iv) of i. If the assumption is correct, after the end of the correction the pair will grow to the levels of 115.00–116.50. In this scenario, critical stop loss level is 110.33.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 110.33 with the targets at 115.00–116.50. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 110.33 will let the pair go down to the level of 108.06.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.86
Take Profit 115.00, 116.50
Stop Loss 110.33
Key Levels 108.06, 110.33, 115.00, 116.50
Alternative scenario
Recommendation SELL STOP
Entry Point 110.25
Take Profit 108.06
Stop Loss 111.00
Key Levels 108.06, 110.33, 115.00, 116.50
On the 4-hour chart, the third wave of the higher level 3 of C develops. Now the first wave of the lower level i of 3 is forming as a wedge, within which the local correction is ending as a wave (iv) of i. If the assumption is correct, after the end of the correction the pair will grow to the levels of 115.00–116.50. In this scenario, critical stop loss level is 110.33.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 110.33 with the targets at 115.00–116.50. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 110.33 will let the pair go down to the level of 108.06.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.86
Take Profit 115.00, 116.50
Stop Loss 110.33
Key Levels 108.06, 110.33, 115.00, 116.50
Alternative scenario
Recommendation SELL STOP
Entry Point 110.25
Take Profit 108.06
Stop Loss 111.00
Key Levels 108.06, 110.33, 115.00, 116.50