The pair can grow.
On the 4-hour chart, the third wave of the higher level 3 of (C) is forming. Now the development of the third wave of the lower level iii of 3 has begun, within which the wave (i) of iii has formed, and the downward correction (ii) of iii is ending. If the assumption is correct, after the end of the correction the pair will grow to the levels of 112.65–115.50. The level of 109.35 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 109.35 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 109.35 will let the pair go down to the levels of 108.81–108.00.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 110.57
Take Profit 112.65, 115.50
Stop Loss 109.35
Key Levels 108.00, 108.81, 109.35, 112.65–115.50
Alternative scenario
Recommendation SELL STOP
Entry Point 109.30
Take Profit 108.81, 108.00
Stop Loss 109.60
Key Levels 108.00, 108.81, 109.35, 112.65–115.50
On the 4-hour chart, the third wave of the higher level 3 of (C) is forming. Now the development of the third wave of the lower level iii of 3 has begun, within which the wave (i) of iii has formed, and the downward correction (ii) of iii is ending. If the assumption is correct, after the end of the correction the pair will grow to the levels of 112.65–115.50. The level of 109.35 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 109.35 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 109.35 will let the pair go down to the levels of 108.81–108.00.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 110.57
Take Profit 112.65, 115.50
Stop Loss 109.35
Key Levels 108.00, 108.81, 109.35, 112.65–115.50
Alternative scenario
Recommendation SELL STOP
Entry Point 109.30
Take Profit 108.81, 108.00
Stop Loss 109.60
Key Levels 108.00, 108.81, 109.35, 112.65–115.50