Upward trend restored.
On the 4-hour chart the fifth wave 5 as a diagonal triangle within the first wave 1 of the higher level is forming. At the moment the third wave iii of 5, within which the wave (a) of iii is ending, is developing. If the assumption is correct, the pair will grow to the level of 1.2090 after the end of the correction (b) of iii. The level of 1.1844 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.1844 with the target at 1.2090.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1844 will let the pair go down to the level of 1.1735.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1951
Take Profit 1.2090
Stop Loss 1.1890
Key Levels 1.1735, 1.1844, 1.2090
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1840
Take Profit 1.1735
Stop Loss 1.1900
Key Levels 1.1735, 1.1844, 1.2090
On the 4-hour chart the fifth wave 5 as a diagonal triangle within the first wave 1 of the higher level is forming. At the moment the third wave iii of 5, within which the wave (a) of iii is ending, is developing. If the assumption is correct, the pair will grow to the level of 1.2090 after the end of the correction (b) of iii. The level of 1.1844 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.1844 with the target at 1.2090.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1844 will let the pair go down to the level of 1.1735.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1951
Take Profit 1.2090
Stop Loss 1.1890
Key Levels 1.1735, 1.1844, 1.2090
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1840
Take Profit 1.1735
Stop Loss 1.1900
Key Levels 1.1735, 1.1844, 1.2090