The pair can fall.
On the 4-hour chart, the downward correction of the higher level is forming as a wave 2 of C. Now the downward momentum is developing as a wave c of 2, within which the fifth wave (v) of c is forming. If the assumption is correct, the pair will fall to the level of 108.20. The level of 109.80 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 109.80 with the target at 108.20.
Alternative scenario
The breakout and the consolidation of the price above the level of 108.20 will let the pair grow to the level of 111.48.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 109.20
Take Profit 108.20
Stop Loss 109.80
Key Levels 108.20, 109.80, 111.48
Alternative scenario
Recommendation BUY STOP
Entry Point 108.30
Take Profit 111.48
Stop Loss 107.25
Key Levels 108.20, 109.80, 111.48
On the 4-hour chart, the downward correction of the higher level is forming as a wave 2 of C. Now the downward momentum is developing as a wave c of 2, within which the fifth wave (v) of c is forming. If the assumption is correct, the pair will fall to the level of 108.20. The level of 109.80 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 109.80 with the target at 108.20.
Alternative scenario
The breakout and the consolidation of the price above the level of 108.20 will let the pair grow to the level of 111.48.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 109.20
Take Profit 108.20
Stop Loss 109.80
Key Levels 108.20, 109.80, 111.48
Alternative scenario
Recommendation BUY STOP
Entry Point 108.30
Take Profit 111.48
Stop Loss 107.25
Key Levels 108.20, 109.80, 111.48