The trend is upward.
On the 4-hour chart, the third wave of the higher level 3 of (C) is forming. Now the third wave of the lower level iii of 3 is developing, within which the upward momentum is developing as a wave (iii) of iii. If the assumption is correct, the pair will grow to the levels of 113.95–115.50. The level of 111.77 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 111.77 with the targets at 113.95–115.50. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 111.77 will let the pair go down to the levels of 110.78–109.35.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 112.58
Take Profit 113.95, 115.50
Stop Loss 111.77
Key Levels 109.35, 110.78, 111.77, 113.95, 115.50
Alternative scenario
Recommendation SELL STOP
Entry Point 111.70
Take Profit 110.78, 109.35
Stop Loss 111.40
Key Levels 109.35, 110.78, 111.77, 113.95, 115.50
On the 4-hour chart, the third wave of the higher level 3 of (C) is forming. Now the third wave of the lower level iii of 3 is developing, within which the upward momentum is developing as a wave (iii) of iii. If the assumption is correct, the pair will grow to the levels of 113.95–115.50. The level of 111.77 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 111.77 with the targets at 113.95–115.50. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 111.77 will let the pair go down to the levels of 110.78–109.35.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 112.58
Take Profit 113.95, 115.50
Stop Loss 111.77
Key Levels 109.35, 110.78, 111.77, 113.95, 115.50
Alternative scenario
Recommendation SELL STOP
Entry Point 111.70
Take Profit 110.78, 109.35
Stop Loss 111.40
Key Levels 109.35, 110.78, 111.77, 113.95, 115.50