The probability of fall is still strong.
On the H4 chart, presumably the descending impulse as the wave A of (2) is still forming. At the moment, the fifth wave of the lower level v of A is developing, within which the local correction (ii) of v is forming. If the assumption is true, then it is logical to expect the pair to fall to the levels of 1.1439 and 1.1320. The critical level and stop-loss for this scenario is 1.1848.
Main scenario
Short positions will become relevant during the corrections, below the level of 1.1848 with the target in the area 1.1439-1.1320. Term of realization: 5-7 days.
Alternative scenario
Breakout of the level of 1.1848 will allow the pair to continue the growth to the level of 1.1991.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1697
Take Profit 1.1439, 1.1320
Stop Loss 1.1848
Key Levels 1.1991, 1.1320, 1.1439, 1.1848
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1855
Take Profit 1.1991
Stop Loss 1.1800
Key Levels 1.1991, 1.1320, 1.1439, 1.1848
On the H4 chart, presumably the descending impulse as the wave A of (2) is still forming. At the moment, the fifth wave of the lower level v of A is developing, within which the local correction (ii) of v is forming. If the assumption is true, then it is logical to expect the pair to fall to the levels of 1.1439 and 1.1320. The critical level and stop-loss for this scenario is 1.1848.
Main scenario
Short positions will become relevant during the corrections, below the level of 1.1848 with the target in the area 1.1439-1.1320. Term of realization: 5-7 days.
Alternative scenario
Breakout of the level of 1.1848 will allow the pair to continue the growth to the level of 1.1991.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1697
Take Profit 1.1439, 1.1320
Stop Loss 1.1848
Key Levels 1.1991, 1.1320, 1.1439, 1.1848
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1855
Take Profit 1.1991
Stop Loss 1.1800
Key Levels 1.1991, 1.1320, 1.1439, 1.1848