The correction has ended; the growth of the pair is expected.
On the 4-hour chart the wave (C) of the higher level, within which the formation of the wave 3 of C has begun, is developing. At the moment the downward correction of the lower level has ended as a wave ii of 3, and the formation of the wave iii of 3 has begun. If the assumption is correct, the pair will grow to the levels of 113.72–114.73. The level of 112.03 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 112.03 with the targets at 113.72–114.73.
Alternative scenario
The breakdown and the consolidation of the price below the level of 112.03 will let the pair go down to the level of 110.87.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 113.09
Take Profit 113.72, 114.73
Stop Loss 112.50
Key Levels 110.87, 112.03, 113.72, 114.73
Alternative scenario
Recommendation SELL STOP
Entry Point 112.00
Take Profit 110.87
Stop Loss 112.60
Key Levels 110.87, 112.03, 113.72, 114.73
On the 4-hour chart the wave (C) of the higher level, within which the formation of the wave 3 of C has begun, is developing. At the moment the downward correction of the lower level has ended as a wave ii of 3, and the formation of the wave iii of 3 has begun. If the assumption is correct, the pair will grow to the levels of 113.72–114.73. The level of 112.03 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 112.03 with the targets at 113.72–114.73.
Alternative scenario
The breakdown and the consolidation of the price below the level of 112.03 will let the pair go down to the level of 110.87.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 113.09
Take Profit 113.72, 114.73
Stop Loss 112.50
Key Levels 110.87, 112.03, 113.72, 114.73
Alternative scenario
Recommendation SELL STOP
Entry Point 112.00
Take Profit 110.87
Stop Loss 112.60
Key Levels 110.87, 112.03, 113.72, 114.73