The pair may grow.
On the 4-hour chart, a downward correction of the higher level developed as the wave 2, within which the fifth wave 5 of (C) of 2 formed. Now, the development of the third wave 3 is starting, within which the first wave of the lower level i of 1 of (1) of 3 is forming. If the assumption is correct, the pair will grow to the levels of 1.1110–1.1250. In this scenario, critical stop loss level is 1.0876.
Main scenario
Long positions will become relevant during the correction, above the level of 1.0876 with the targets at 1.1110–1.1250. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0876 will let the pair go down to the levels of 1.0800–1.0750.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.0982
Take Profit 1.1110, 1.1250
Stop Loss 1.0876
Key Levels 1.0750, 1.0800, 1.0876, 1.1110, 1.1250
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0870
Take Profit 1.0800, 1.0750
Stop Loss 1.0895
Key Levels 1.0750, 1.0800, 1.0876, 1.1110, 1.1250
On the 4-hour chart, a downward correction of the higher level developed as the wave 2, within which the fifth wave 5 of (C) of 2 formed. Now, the development of the third wave 3 is starting, within which the first wave of the lower level i of 1 of (1) of 3 is forming. If the assumption is correct, the pair will grow to the levels of 1.1110–1.1250. In this scenario, critical stop loss level is 1.0876.
Main scenario
Long positions will become relevant during the correction, above the level of 1.0876 with the targets at 1.1110–1.1250. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0876 will let the pair go down to the levels of 1.0800–1.0750.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.0982
Take Profit 1.1110, 1.1250
Stop Loss 1.0876
Key Levels 1.0750, 1.0800, 1.0876, 1.1110, 1.1250
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0870
Take Profit 1.0800, 1.0750
Stop Loss 1.0895
Key Levels 1.0750, 1.0800, 1.0876, 1.1110, 1.1250