The pair is in a correction and may grow.
On the 4-hour chart, the third wave of the higher level 3 of (C) forms. Now, the first wave of the lower level i of 3 has formed, and a local correction is developing as the wave ii of 3, within which the wave (c) of ii is forming. If the assumption is correct, the pair will grow to the levels of 107.16–107.67. In this scenario, critical stop loss level is 105.62.
Main scenario
Long positions will become relevant during the correction, above the level of 105.62 with the targets at 107.16–107.67. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 105.62 will let the pair go down to the levels of 104.00–103.00.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 106.17
Take Profit 107.16, 107.67
Stop Loss 105.62
Key Levels 103.00, 104.00, 105.62, 107.16, 107.67
Alternative scenario
Recommendation SELL STOP
Entry Point 105.55
Take Profit 104.00, 103.00
Stop Loss 106.15
Key Levels 103.00, 104.00, 105.62, 107.16, 107.67
On the 4-hour chart, the third wave of the higher level 3 of (C) forms. Now, the first wave of the lower level i of 3 has formed, and a local correction is developing as the wave ii of 3, within which the wave (c) of ii is forming. If the assumption is correct, the pair will grow to the levels of 107.16–107.67. In this scenario, critical stop loss level is 105.62.
Main scenario
Long positions will become relevant during the correction, above the level of 105.62 with the targets at 107.16–107.67. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 105.62 will let the pair go down to the levels of 104.00–103.00.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 106.17
Take Profit 107.16, 107.67
Stop Loss 105.62
Key Levels 103.00, 104.00, 105.62, 107.16, 107.67
Alternative scenario
Recommendation SELL STOP
Entry Point 105.55
Take Profit 104.00, 103.00
Stop Loss 106.15
Key Levels 103.00, 104.00, 105.62, 107.16, 107.67