The trend is upward.
On the 4-hour chart, the upward momentum is forming as a first wave 1 of (C) of the higher level. Now the third wave of the lower level iii of 1 is developing, within which the wave (v) of iii is developing. If the assumption is correct, the pair will grow to the levels of 110.82–112.07. The level of 109.13 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 109.13 with the targets at 110.82–112.07. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 109.13 will let the pair go down to the levels of 108.23–107.54.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 110.26
Take Profit 110.82, 112.07
Stop Loss 109.70, 109.13
Key Levels 107.54, 108.23, 109.13, 110.82, 112.07
Alternative scenario
Recommendation SELL STOP
Entry Point 109.05
Take Profit 108.23, 107.54
Stop Loss 109.65
Key Levels 107.54, 108.23, 109.13, 110.82, 112.07
On the 4-hour chart, the upward momentum is forming as a first wave 1 of (C) of the higher level. Now the third wave of the lower level iii of 1 is developing, within which the wave (v) of iii is developing. If the assumption is correct, the pair will grow to the levels of 110.82–112.07. The level of 109.13 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 109.13 with the targets at 110.82–112.07. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 109.13 will let the pair go down to the levels of 108.23–107.54.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 110.26
Take Profit 110.82, 112.07
Stop Loss 109.70, 109.13
Key Levels 107.54, 108.23, 109.13, 110.82, 112.07
Alternative scenario
Recommendation SELL STOP
Entry Point 109.05
Take Profit 108.23, 107.54
Stop Loss 109.65
Key Levels 107.54, 108.23, 109.13, 110.82, 112.07