The pair can grow.
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the upward correction is developing as a fourth wave iv of A, within which the wave (a) of iv has formed, and the wave (b) of iv has ended. If the assumption is correct, the pair will grow to the level of 1.1884 within the wave (c) of iv. The level of 1.1508 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1508 with the target at 1.1884. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1508 will let the pair go down to the levels of 1.1438–1.1176.
Trade
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.1574
Take Profit 1.1884
Stop Loss 1.1508
Key Levels 1.1176, 1.1438, 1.1508, 1.1884
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1500
Take Profit 1.1438, 1.1176
Stop Loss 1.1560
Key Levels 1.1176, 1.1438, 1.1508, 1.1884
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the upward correction is developing as a fourth wave iv of A, within which the wave (a) of iv has formed, and the wave (b) of iv has ended. If the assumption is correct, the pair will grow to the level of 1.1884 within the wave (c) of iv. The level of 1.1508 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1508 with the target at 1.1884. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1508 will let the pair go down to the levels of 1.1438–1.1176.
Trade
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.1574
Take Profit 1.1884
Stop Loss 1.1508
Key Levels 1.1176, 1.1438, 1.1508, 1.1884
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1500
Take Profit 1.1438, 1.1176
Stop Loss 1.1560
Key Levels 1.1176, 1.1438, 1.1508, 1.1884