The pair may fall.
On the 4-hour chart, a local downward correction of the higher level develops as the wave 2 of (C). Now, the wave c of 2 is forming, within which the wave of the lower level (v) of c is developing. If the assumption is correct, the pair will fall to the levels of 111.82–111.35. In this scenario, critical stop loss level is 112.64.
Main scenario
Short positions will become relevant during the correction, below the level of 112.64 with the targets at 111.82–111.35. Implementation period: 3–5 days
Alternative scenario
The breakout and the consolidation of the price above the level of 112.64 will let the pair grow to the level of 113.68.
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 111.96
Take Profit 111.35
Stop Loss 112.30
Key Levels 111.35, 111.82, 112.64, 113.68
Alternative scenario
Recommendation BUY STOP
Entry Point 112.70
Take Profit 113.68
Stop Loss 112.10
Key Levels 111.35, 111.82, 112.64, 113.68
On the 4-hour chart, a local downward correction of the higher level develops as the wave 2 of (C). Now, the wave c of 2 is forming, within which the wave of the lower level (v) of c is developing. If the assumption is correct, the pair will fall to the levels of 111.82–111.35. In this scenario, critical stop loss level is 112.64.
Main scenario
Short positions will become relevant during the correction, below the level of 112.64 with the targets at 111.82–111.35. Implementation period: 3–5 days
Alternative scenario
The breakout and the consolidation of the price above the level of 112.64 will let the pair grow to the level of 113.68.
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 111.96
Take Profit 111.35
Stop Loss 112.30
Key Levels 111.35, 111.82, 112.64, 113.68
Alternative scenario
Recommendation BUY STOP
Entry Point 112.70
Take Profit 113.68
Stop Loss 112.10
Key Levels 111.35, 111.82, 112.64, 113.68