The pair can fall.
On the 4-hour chart, the downward correction of the higher level is developing as a wave 2 of (C). Now the wave b of 2 has formed, and the development of the wave c of 2, within which the entering wave of the lower level (i) of c has formed, begins. If the assumption is correct, the price will fall to the levels of 108.00–107.20. The level of 110.26 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 110.26 with the targets at 108.00–107.20. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 110.26 will let the pair grow to the level of 111.40.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 109.97
Take Profit 108.00, 107.20
Stop Loss 110.26
Key Levels 107.20, 108.00, 110.26, 111.40
Alternative scenario
Recommendation BUY STOP
Entry Point 110.30
Take Profit 111.40
Stop Loss 109.70
Key Levels 107.20, 108.00, 110.26, 111.40
On the 4-hour chart, the downward correction of the higher level is developing as a wave 2 of (C). Now the wave b of 2 has formed, and the development of the wave c of 2, within which the entering wave of the lower level (i) of c has formed, begins. If the assumption is correct, the price will fall to the levels of 108.00–107.20. The level of 110.26 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 110.26 with the targets at 108.00–107.20. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 110.26 will let the pair grow to the level of 111.40.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 109.97
Take Profit 108.00, 107.20
Stop Loss 110.26
Key Levels 107.20, 108.00, 110.26, 111.40
Alternative scenario
Recommendation BUY STOP
Entry Point 110.30
Take Profit 111.40
Stop Loss 109.70
Key Levels 107.20, 108.00, 110.26, 111.40