The pair may fall.
On the 4-hour chart, the wave (C) of the higher level forms, within which the third wave 3 of (C) develops. Now, the first wave of the lower level i of 3 has formed, and a local correction has ended as the wave ii of 3. If the assumption is correct, the pair will fall within the wave iii of 3 to the levels of 104.00–103.00. In this scenario, critical stop loss level is 106.73.
Main scenario
Short positions will become relevant during the correction, below the level of 106.73 with the targets at 104.00–103.00. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 106.73 will let the pair grow to the levels of 107.67–108.43.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 105.80
Take Profit 104.00, 103.00
Stop Loss 106.73
Key Levels 103.00, 104.00, 106.73, 107.67, 108.43
Alternative scenario
Recommendation BUY STOP
Entry Point 106.80
Take Profit 107.67, 108.43
Stop Loss 106.20
Key Levels 103.00, 104.00, 106.73, 107.67, 108.43
On the 4-hour chart, the wave (C) of the higher level forms, within which the third wave 3 of (C) develops. Now, the first wave of the lower level i of 3 has formed, and a local correction has ended as the wave ii of 3. If the assumption is correct, the pair will fall within the wave iii of 3 to the levels of 104.00–103.00. In this scenario, critical stop loss level is 106.73.
Main scenario
Short positions will become relevant during the correction, below the level of 106.73 with the targets at 104.00–103.00. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 106.73 will let the pair grow to the levels of 107.67–108.43.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 105.80
Take Profit 104.00, 103.00
Stop Loss 106.73
Key Levels 103.00, 104.00, 106.73, 107.67, 108.43
Alternative scenario
Recommendation BUY STOP
Entry Point 106.80
Take Profit 107.67, 108.43
Stop Loss 106.20
Key Levels 103.00, 104.00, 106.73, 107.67, 108.43