The pair may grow.
On the 4-hour chart, the first wave i of 1 develops within the started wave (C) of the higher level. Now, the third wave of the lower level (iii) of i of 1 has formed, and the local correction (iv) of i has ended. 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 106.93.
Main scenario
Long positions will become relevant during the correction, above the level of 106.93 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 106.93 will let the pair go down to the levels of 105.71–104.43.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 107.63
Take Profit 109.35, 112.32
Stop Loss 106.93
Key Levels 104.43, 105.71, 106.93, 109.35, 112.32
Alternative scenario
Recommendation SELL STOP
Entry Point 106.85
Take Profit 105.71, 104.43
Stop Loss 107.45
Key Levels 104.43, 105.71, 106.93, 109.35, 112.32
On the 4-hour chart, the first wave i of 1 develops within the started wave (C) of the higher level. Now, the third wave of the lower level (iii) of i of 1 has formed, and the local correction (iv) of i has ended. 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 106.93.
Main scenario
Long positions will become relevant during the correction, above the level of 106.93 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 106.93 will let the pair go down to the levels of 105.71–104.43.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 107.63
Take Profit 109.35, 112.32
Stop Loss 106.93
Key Levels 104.43, 105.71, 106.93, 109.35, 112.32
Alternative scenario
Recommendation SELL STOP
Entry Point 106.85
Take Profit 105.71, 104.43
Stop Loss 107.45
Key Levels 104.43, 105.71, 106.93, 109.35, 112.32