The pair can grow.
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave x of B is developing, within which the downward momentum has formed as a wave (a) of x. If the assumption is correct, the pair will grow within the wave (b) of x to the levels of 1.1633–1.1675. In this scenario, critical stop loss level is 1.1300.
Main scenario
Long positions will become relevant above the level of 1.1300 with the targets at 1.1633–1.1675. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1300 will let the pair go down to the level of 1.1200.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1475
Take Profit 1.1633, 1.1675
Stop Loss 1.1420
Key Levels 1.1200, 1.1300, 1.1633, 1.1675
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1290
Take Profit 1.1200
Stop Loss 1.1320
Key Levels 1.1200, 1.1300, 1.1633, 1.1675
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave x of B is developing, within which the downward momentum has formed as a wave (a) of x. If the assumption is correct, the pair will grow within the wave (b) of x to the levels of 1.1633–1.1675. In this scenario, critical stop loss level is 1.1300.
Main scenario
Long positions will become relevant above the level of 1.1300 with the targets at 1.1633–1.1675. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1300 will let the pair go down to the level of 1.1200.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1475
Take Profit 1.1633, 1.1675
Stop Loss 1.1420
Key Levels 1.1200, 1.1300, 1.1633, 1.1675
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1290
Take Profit 1.1200
Stop Loss 1.1320
Key Levels 1.1200, 1.1300, 1.1633, 1.1675