On the 4-hour chart, an upward correction of the higher level developed as the wave ii of C of (2). Now the third wave iii of C is forming, within which the wave (iii) of iii is developing. If the assumption is correct, the pair will fall to the levels of 1.1200–1.1120. In this scenario, critical stop loss level is 1.1341.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1341 with the targets at 1.1200–1.1120. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1341 will let the pair grow to the levels of 1.1409–1.1510.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 1.1277 Take Profit 1.1200, 1.1120 Stop Loss 1.1341 Key Levels 1.1120, 1.1200, 1.1341, 1.1409, 1.1510
Alternative scenario
Recommendation BUY STOP Entry Point 1.1350 Take Profit 1.1409, 1.1510 Stop Loss 1.1320 Key Levels 1.1120, 1.1200, 1.1341, 1.1409, 1.1510