The pair may fall.
On the 4-hour chart, the wave C of the higher level develops, within which the first wave 1 forms. Now, the fifth wave of the lower level v of 1 is developing, within which the wave (iii) of v is forming. If the assumption is correct, the pair will fall to the levels of 104.00–103.00. In this scenario, critical stop loss level is 107.04.
Main scenario
Short positions will become relevant during the correction, below the level of 107.04 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 107.04 will let the pair grow to the levels of 109.27–110.64.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 105.41
Take Profit 104.00, 103.00
Stop Loss 106.00
Key Levels 103.00, 104.00, 107.04, 109.27, 110.64
Alternative scenario
Recommendation BUY STOP
Entry Point 107.10
Take Profit 109.27, 110.64
Stop Loss 106.35
Key Levels 103.00, 104.00, 107.04, 109.27, 110.64
On the 4-hour chart, the wave C of the higher level develops, within which the first wave 1 forms. Now, the fifth wave of the lower level v of 1 is developing, within which the wave (iii) of v is forming. If the assumption is correct, the pair will fall to the levels of 104.00–103.00. In this scenario, critical stop loss level is 107.04.
Main scenario
Short positions will become relevant during the correction, below the level of 107.04 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 107.04 will let the pair grow to the levels of 109.27–110.64.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 105.41
Take Profit 104.00, 103.00
Stop Loss 106.00
Key Levels 103.00, 104.00, 107.04, 109.27, 110.64
Alternative scenario
Recommendation BUY STOP
Entry Point 107.10
Take Profit 109.27, 110.64
Stop Loss 106.35
Key Levels 103.00, 104.00, 107.04, 109.27, 110.64