The pair may grow within the correction.
On the 4-hour chart, the downward correction of the higher level develops as a wave (2), within which the wave C of (2) forms. Now the first wave of the lower level i of C has formed. If the assumption is correct, the pair will grow to the levels of 1.1511–1.1586. In this scenario, critical stop loss level is 1.1213.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1213 with the targets at 1.1511–1.1586. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1213 will let the pair go down to the levels of 1.1150–1.1100.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1340
Take Profit 1.1511, 1.1586
Stop Loss 1.1213
Key Levels 1.1100, 1.1150, 1.1213, 1.1511, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1210
Take Profit 1.1150, 1.1100
Stop Loss 1.1245
Key Levels 1.1100, 1.1150, 1.1213, 1.1511, 1.1586
On the 4-hour chart, the downward correction of the higher level develops as a wave (2), within which the wave C of (2) forms. Now the first wave of the lower level i of C has formed. If the assumption is correct, the pair will grow to the levels of 1.1511–1.1586. In this scenario, critical stop loss level is 1.1213.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1213 with the targets at 1.1511–1.1586. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1213 will let the pair go down to the levels of 1.1150–1.1100.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1340
Take Profit 1.1511, 1.1586
Stop Loss 1.1213
Key Levels 1.1100, 1.1150, 1.1213, 1.1511, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1210
Take Profit 1.1150, 1.1100
Stop Loss 1.1245
Key Levels 1.1100, 1.1150, 1.1213, 1.1511, 1.1586