The trend is upward.
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 is developing, within which the development of the wave (v) of iii continues. If the assumption is correct, the pair will grow to the level of 112.07. The level of 110.59 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 110.59 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 110.59 will let the pair go down to the levels of 109.13–108.64.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.35
Take Profit 112.07
Stop Loss 110.59
Key Levels 108.64, 109.13, 110.59, 112.07
Alternative scenario
Recommendation SELL STOP
Entry Point 110.50
Take Profit 109.13, 108.64
Stop Loss 111.10
Key Levels 108.64, 109.13, 110.59, 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 is developing, within which the development of the wave (v) of iii continues. If the assumption is correct, the pair will grow to the level of 112.07. The level of 110.59 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 110.59 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 110.59 will let the pair go down to the levels of 109.13–108.64.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.35
Take Profit 112.07
Stop Loss 110.59
Key Levels 108.64, 109.13, 110.59, 112.07
Alternative scenario
Recommendation SELL STOP
Entry Point 110.50
Take Profit 109.13, 108.64
Stop Loss 111.10
Key Levels 108.64, 109.13, 110.59, 112.07