The pair can decrease.
On the 4-hour chart, the downward momentum is forming as a wave C within the correction of the higher level (B). Now the fifth ending wave of the lower level v of C of (B) is developing. If the assumption is correct, the pair will fall to the level of 104.50. The level of 107.66 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 107.66 with the target at 104.50.
Alternative scenario
The breakout and the consolidation of the price above the level of 107.66 will let the pair grow to the levels of 108.65–109.60.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 106.17
Take Profit 104.50
Stop Loss 106.85
Key Levels 104.50, 107.66, 108.65, 109.60
Alternative scenario
Recommendation BUY STOP
Entry Point 107.70
Take Profit 108.65, 109.60
Stop Loss 107.10
Key Levels 104.50, 107.66, 108.65, 109.60
On the 4-hour chart, the downward momentum is forming as a wave C within the correction of the higher level (B). Now the fifth ending wave of the lower level v of C of (B) is developing. If the assumption is correct, the pair will fall to the level of 104.50. The level of 107.66 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 107.66 with the target at 104.50.
Alternative scenario
The breakout and the consolidation of the price above the level of 107.66 will let the pair grow to the levels of 108.65–109.60.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 106.17
Take Profit 104.50
Stop Loss 106.85
Key Levels 104.50, 107.66, 108.65, 109.60
Alternative scenario
Recommendation BUY STOP
Entry Point 107.70
Take Profit 108.65, 109.60
Stop Loss 107.10
Key Levels 104.50, 107.66, 108.65, 109.60