The pair may grow.
On the 4-hour chart, the first wave i formed within the third wave of the higher level 3 of (C), and a downward correction developed as the wave ii of 3. Now the formation of the wave iii of 3 has begun, within which the wave (i) of iii of the lower level has formed, and the local correction (ii) of iii is ending. If the assumption is correct, after the end of correction, the pair will grow to the levels of 113.00–114.00. In this scenario, critical stop loss level is 109.70.
Main scenario
Long positions will become relevant during the correction, above the level of 109.70 with the targets at 113.00–114.00. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 109.70 will let the pair go down to the levels of 108.32–107.44.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.11
Take Profit 113.00, 114.00
Stop Loss 109.70
Key Levels 107.44, 108.32, 109.70, 113.00, 114.00
Alternative scenario
Recommendation SELL STOP
Entry Point 109.65
Take Profit 108.32, 107.44
Stop Loss 110.10
Key Levels 107.44, 108.32, 109.70, 113.00, 114.00
On the 4-hour chart, the first wave i formed within the third wave of the higher level 3 of (C), and a downward correction developed as the wave ii of 3. Now the formation of the wave iii of 3 has begun, within which the wave (i) of iii of the lower level has formed, and the local correction (ii) of iii is ending. If the assumption is correct, after the end of correction, the pair will grow to the levels of 113.00–114.00. In this scenario, critical stop loss level is 109.70.
Main scenario
Long positions will become relevant during the correction, above the level of 109.70 with the targets at 113.00–114.00. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 109.70 will let the pair go down to the levels of 108.32–107.44.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.11
Take Profit 113.00, 114.00
Stop Loss 109.70
Key Levels 107.44, 108.32, 109.70, 113.00, 114.00
Alternative scenario
Recommendation SELL STOP
Entry Point 109.65
Take Profit 108.32, 107.44
Stop Loss 110.10
Key Levels 107.44, 108.32, 109.70, 113.00, 114.00