The pair may grow.
On the 4-hour chart, an upward correction of the higher level develops as the wave ii of C of (2). Now the wave (c) of ii is forming, within which the third wave of the lower level iii of (c) is developing. If the assumption is correct, the pair will grow to the levels of 1.1515–1.1586. In this scenario, critical stop loss level is 1.1344.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1344 with the targets at 1.1515–1.1586. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1344 will let the pair go down to the levels of 1.1270–1.1200.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1457
Take Profit 1.1515, 1.1586
Stop Loss 1.1435
Key Levels 1.1200, 1.1270, 1.1344, 1.1515, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1340
Take Profit 1.1270, 1.1200
Stop Loss 1.1365
Key Levels 1.1200, 1.1270, 1.1344, 1.1515, 1.1586
On the 4-hour chart, an upward correction of the higher level develops as the wave ii of C of (2). Now the wave (c) of ii is forming, within which the third wave of the lower level iii of (c) is developing. If the assumption is correct, the pair will grow to the levels of 1.1515–1.1586. In this scenario, critical stop loss level is 1.1344.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1344 with the targets at 1.1515–1.1586. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1344 will let the pair go down to the levels of 1.1270–1.1200.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1457
Take Profit 1.1515, 1.1586
Stop Loss 1.1435
Key Levels 1.1200, 1.1270, 1.1344, 1.1515, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1340
Take Profit 1.1270, 1.1200
Stop Loss 1.1365
Key Levels 1.1200, 1.1270, 1.1344, 1.1515, 1.1586