The pair can grow.
On the 4-hour chart, the correction of the higher level as a wave 2 of (C) formed, which took the shape of an irregular flat. Now the wave c of 2 has formed, within which a wedge has formed. If the assumption is correct, the pair will grow to the levels of 111.42–113.22. The level of 109.74 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 109.74 with the targets at 111.42–113.22. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 109.74 will let the pair go down to the levels of 109.35–108.09.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 110.04
Take Profit 111.42, 113.22
Stop Loss 109.74
Key Levels 108.09, 109.35, 109.74, 111.42, 113.22
Alternative scenario
Recommendation SELL STOP
Entry Point 109.70
Take Profit 109.35, 108.09
Stop Loss 110.00
Key Levels 108.09, 109.35, 109.74, 111.42, 113.22
On the 4-hour chart, the correction of the higher level as a wave 2 of (C) formed, which took the shape of an irregular flat. Now the wave c of 2 has formed, within which a wedge has formed. If the assumption is correct, the pair will grow to the levels of 111.42–113.22. The level of 109.74 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 109.74 with the targets at 111.42–113.22. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 109.74 will let the pair go down to the levels of 109.35–108.09.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 110.04
Take Profit 111.42, 113.22
Stop Loss 109.74
Key Levels 108.09, 109.35, 109.74, 111.42, 113.22
Alternative scenario
Recommendation SELL STOP
Entry Point 109.70
Take Profit 109.35, 108.09
Stop Loss 110.00
Key Levels 108.09, 109.35, 109.74, 111.42, 113.22