The pair may grow.
On the daily chart, the downward correction of the higher level formed as the second wave 2, which reached the correctional level 62% and took a shape of a zigzag with a diagonal within the wave (C) of 2. Now, the development of the third wave of the higher level 3 is beginning, within which the first wave of the lower level i of 1 of (1) of 3 has formed, and the local correction ii of 1 is developing. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.1447–1.1571. In this scenario, critical stop loss level is 1.1106.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1106 with the targets at 1.1447–1.1571. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1106 will let the pair go down to the levels of 1.1020–1.0950.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1213
Take Profit 1.1447, 1.1571
Stop Loss 1.1106
Key Levels 1.0950, 1.1020, 1.1106, 1.1447, 1.1571
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.1020, 1.0950
Stop Loss 1.1160
Key Levels 1.0950, 1.1020, 1.1106, 1.1447, 1.1571
On the daily chart, the downward correction of the higher level formed as the second wave 2, which reached the correctional level 62% and took a shape of a zigzag with a diagonal within the wave (C) of 2. Now, the development of the third wave of the higher level 3 is beginning, within which the first wave of the lower level i of 1 of (1) of 3 has formed, and the local correction ii of 1 is developing. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.1447–1.1571. In this scenario, critical stop loss level is 1.1106.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1106 with the targets at 1.1447–1.1571. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1106 will let the pair go down to the levels of 1.1020–1.0950.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1213
Take Profit 1.1447, 1.1571
Stop Loss 1.1106
Key Levels 1.0950, 1.1020, 1.1106, 1.1447, 1.1571
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.1020, 1.0950
Stop Loss 1.1160
Key Levels 1.0950, 1.1020, 1.1106, 1.1447, 1.1571