The pair is in a correction and may grow.
On the 4-hour chart, the third wave of the higher level iii of C of (2) forms. Now, the wave of the lower level (i) of iii of C has formed, and an upward correction is developing as the wave (ii) of iii. If the assumption is correct, the pair will grow to the levels of 1.1270–1.1313. In this scenario, critical stop loss level is 1.1106.
Main scenario
Long positions will become relevant above the level of 1.1106 with the targets at 1.1270–1.1313. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1106 will let the pair go down to the levels of 1.1020–1.0950.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1131
Take Profit 1.1270, 1.1313
Stop Loss 1.1106
Key Levels 1.0950, 1.1020, 1.1106, 1.1270, 1.1313
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.1020, 1.0950
Stop Loss 1.1160
Key Levels 1.0950, 1.1020, 1.1106, 1.1270, 1.1313
On the 4-hour chart, the third wave of the higher level iii of C of (2) forms. Now, the wave of the lower level (i) of iii of C has formed, and an upward correction is developing as the wave (ii) of iii. If the assumption is correct, the pair will grow to the levels of 1.1270–1.1313. In this scenario, critical stop loss level is 1.1106.
Main scenario
Long positions will become relevant above the level of 1.1106 with the targets at 1.1270–1.1313. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1106 will let the pair go down to the levels of 1.1020–1.0950.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1131
Take Profit 1.1270, 1.1313
Stop Loss 1.1106
Key Levels 1.0950, 1.1020, 1.1106, 1.1270, 1.1313
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.1020, 1.0950
Stop Loss 1.1160
Key Levels 1.0950, 1.1020, 1.1106, 1.1270, 1.1313