The pair is in a correction, a fall is possible.
On the daily chart, the third wave of the higher level 3 of (C) develops, within which the wave i of 3 formed. Now, a local correction is developing as the wave ii of 3, within which the wave (a) of ii of the lower level has formed. If the assumption is correct, after the end of the wave (b) of ii, the pair will fall to the levels of 108.42–107.50. In this scenario, critical stop loss level is 112.36.
Main scenario
Short positions will become relevant during the correction, below the level of 112.36 with the targets at 108.42–107.50. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 112.36 will let the pair grow to the levels of 114.00–115.00.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 109.69
Take Profit 108.42, 107.50
Stop Loss 110.30
Key Levels 107.50, 108.42, 112.36, 114.00, 115.00
Alternative scenario
Recommendation BUY STOP
Entry Point 112.40
Take Profit 114.00, 115.00
Stop Loss 111.80
Key Levels 107.50, 108.42, 112.36, 114.00, 115.00
On the daily chart, the third wave of the higher level 3 of (C) develops, within which the wave i of 3 formed. Now, a local correction is developing as the wave ii of 3, within which the wave (a) of ii of the lower level has formed. If the assumption is correct, after the end of the wave (b) of ii, the pair will fall to the levels of 108.42–107.50. In this scenario, critical stop loss level is 112.36.
Main scenario
Short positions will become relevant during the correction, below the level of 112.36 with the targets at 108.42–107.50. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 112.36 will let the pair grow to the levels of 114.00–115.00.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 109.69
Take Profit 108.42, 107.50
Stop Loss 110.30
Key Levels 107.50, 108.42, 112.36, 114.00, 115.00
Alternative scenario
Recommendation BUY STOP
Entry Point 112.40
Take Profit 114.00, 115.00
Stop Loss 111.80
Key Levels 107.50, 108.42, 112.36, 114.00, 115.00