The pair is in a correction, the fall is possible.
On the daily chart, a downward correction of the higher level forms as the wave (2), within which the wave C of (2) develops. Now the third wave of the lower level iii of C is forming, within which a local correction is developing as the wave (ii) of iii. If the assumption is correct, after the end of correction, the pair will fall to the levels of 1.1120–1.1000. In this scenario, critical stop loss level is 1.1421.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1421 with the targets at 1.1120–1.1000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1421 will let the pair grow to the levels of 1.1566–1.1812.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1347
Take Profit 1.1120, 1.1000
Stop Loss 1.1421
Key Levels 1.1000, 1.1120, 1.1421, 1.1566, 1.1812
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1425
Take Profit 1.1566, 1.1812
Stop Loss 1.1365
Key Levels 1.1000, 1.1120, 1.1421, 1.1566, 1.1812
On the daily chart, a downward correction of the higher level forms as the wave (2), within which the wave C of (2) develops. Now the third wave of the lower level iii of C is forming, within which a local correction is developing as the wave (ii) of iii. If the assumption is correct, after the end of correction, the pair will fall to the levels of 1.1120–1.1000. In this scenario, critical stop loss level is 1.1421.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1421 with the targets at 1.1120–1.1000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1421 will let the pair grow to the levels of 1.1566–1.1812.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1347
Take Profit 1.1120, 1.1000
Stop Loss 1.1421
Key Levels 1.1000, 1.1120, 1.1421, 1.1566, 1.1812
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1425
Take Profit 1.1566, 1.1812
Stop Loss 1.1365
Key Levels 1.1000, 1.1120, 1.1421, 1.1566, 1.1812