The trend is upward.
On the 4-hour chart, the third wave of the higher level 3 of (C) is forming. Now the third wave of the lower level iii of 3 is developing, within which the wave (i) of iii has formed, and the downward correction (ii) of iii has ended. If the assumption is correct, the pair will grow to the levels of 112.65–115.50. The level of 110.26 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 110.26 with the targets at 112.65–115.50. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 110.26 will let the pair go down to the levels of 109.35–108.00.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.05
Take Profit 112.65, 115.50
Stop Loss 110.26
Key Levels 108.00, 109.35, 110.26, 112.65, 115.50
Alternative scenario
Recommendation SELL STOP
Entry Point 110.20
Take Profit 109.35, 108.00
Stop Loss 110.50
Key Levels 108.00, 109.35, 110.26, 112.65, 115.50
On the 4-hour chart, the third wave of the higher level 3 of (C) is forming. Now the third wave of the lower level iii of 3 is developing, within which the wave (i) of iii has formed, and the downward correction (ii) of iii has ended. If the assumption is correct, the pair will grow to the levels of 112.65–115.50. The level of 110.26 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 110.26 with the targets at 112.65–115.50. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 110.26 will let the pair go down to the levels of 109.35–108.00.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.05
Take Profit 112.65, 115.50
Stop Loss 110.26
Key Levels 108.00, 109.35, 110.26, 112.65, 115.50
Alternative scenario
Recommendation SELL STOP
Entry Point 110.20
Take Profit 109.35, 108.00
Stop Loss 110.50
Key Levels 108.00, 109.35, 110.26, 112.65, 115.50