The pair may grow.
On the 4-hour chart, the downward correction of the higher level develops as a wave (2), within which the wave C of (2) is forming. Now the upward correction is developing as a second wave ii of C, within which the wave (b) of ii has formed, and the development of the wave (c) of iii has begun. 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 1.1266.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1266 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 1.1266 will let the pair go down to the levels of 1.1200–1.1150.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1366
Take Profit 1.1511, 1.1586
Stop Loss 1.1266
Key Levels 1.1150, 1.1200, 1.1266, 1.1511, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1260
Take Profit 1.1200, 1.1150
Stop Loss 1.1295
Key Levels 1.1150, 1.1200, 1.1266, 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) is forming. Now the upward correction is developing as a second wave ii of C, within which the wave (b) of ii has formed, and the development of the wave (c) of iii has begun. 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 1.1266.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1266 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 1.1266 will let the pair go down to the levels of 1.1200–1.1150.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1366
Take Profit 1.1511, 1.1586
Stop Loss 1.1266
Key Levels 1.1150, 1.1200, 1.1266, 1.1511, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1260
Take Profit 1.1200, 1.1150
Stop Loss 1.1295
Key Levels 1.1150, 1.1200, 1.1266, 1.1511, 1.1586