The pair is in a correction and can grow.
On the 4-hour chart, the upward momentum is forming as a first wave 1 of (C) of the higher level. Now the third wave of the lower level iii of 1 has formed, and the local correction is ending as a wave iv of 1. If the assumption is correct, after the end of the correction the pair will grow to the level of 112.07. The level of 109.21 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant after the rebound at the level of 109.21 with the target at 112.07. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 109.21 will let the pair go down to the levels of 108.55–107.88.
Trade
Scenario
Timeframe Weekly
Recommendation BUY LIMIT
Entry Point 109.21
Take Profit 112.07
Stop Loss 108.25
Key Levels 107.88, 108.55, 109.21, 112.07
Alternative scenario
Recommendation SELL STOP
Entry Point 109.15
Take Profit 108.55, 107.88
Stop Loss 109.75
Key Levels 107.88, 108.55, 109.21, 112.07
On the 4-hour chart, the upward momentum is forming as a first wave 1 of (C) of the higher level. Now the third wave of the lower level iii of 1 has formed, and the local correction is ending as a wave iv of 1. If the assumption is correct, after the end of the correction the pair will grow to the level of 112.07. The level of 109.21 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant after the rebound at the level of 109.21 with the target at 112.07. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 109.21 will let the pair go down to the levels of 108.55–107.88.
Trade
Scenario
Timeframe Weekly
Recommendation BUY LIMIT
Entry Point 109.21
Take Profit 112.07
Stop Loss 108.25
Key Levels 107.88, 108.55, 109.21, 112.07
Alternative scenario
Recommendation SELL STOP
Entry Point 109.15
Take Profit 108.55, 107.88
Stop Loss 109.75
Key Levels 107.88, 108.55, 109.21, 112.07