The pair can grow.

On the 4-hour chart, the fifth wave 5 of (1) of the higher level is developing. Locally the formation of the downward correction as a fourth wave of the lower level iv of 5 has ended, and the development of the wave v of 5 has begun. If the assumption is correct, the pair will grow to the levels of 1.4400–1.4500. The level of 1.3761 is critical for this scenario.

Main scenario

Long positions will become relevant during the correction, above the level of 1.3761 with the targets at 1.4400–1.4500.

Alternative scenario

The breakdown and the consolidation of the price below the level of 1.3761 will let the pair go down to the level of 1.3480.



Timeframe Weekly
Recommendation BUY
Entry Point 1.4009
Take Profit 1.4400, 1.4500
Stop Loss 1.3880
Key Levels 1.3480, 1.3761, 1.4400, 1.4500

lternative scenario

Recommendation SELL STOP
Entry Point 1.3755
Take Profit 1.3480
Stop Loss 1.3845
Key Levels 1.3480, 1.3761, 1.4400, 1.4500
More analytic from LiteForex:
English https://www.liteforex.com/blog/?uid=880952068&cid=12118
Malay https://www.liteforex.my/trading/forex-analysis/?uid=880952068&cid=12118
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