The pair can grow.
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the correctional growth of the pair as a fourth wave iv of A is developing, within which the wave (a) of iv is forming. If the assumption is correct, the pair will grow to the level of 1.1994. The level of 1.1650 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1650 with the target at 1.1994. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1650 will let the pair go down to the levels of 1.1518–1.1435.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1772
Take Profit 1.1994
Stop Loss 1.1650
Key Levels 1.1435, 1.1518, 1.1650, 1.1994
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1640
Take Profit 1.1518, 1.1435
Stop Loss 1.1700
Key Levels 1.1435, 1.1518, 1.1650, 1.1994
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the correctional growth of the pair as a fourth wave iv of A is developing, within which the wave (a) of iv is forming. If the assumption is correct, the pair will grow to the level of 1.1994. The level of 1.1650 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1650 with the target at 1.1994. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1650 will let the pair go down to the levels of 1.1518–1.1435.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1772
Take Profit 1.1994
Stop Loss 1.1650
Key Levels 1.1435, 1.1518, 1.1650, 1.1994
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1640
Take Profit 1.1518, 1.1435
Stop Loss 1.1700
Key Levels 1.1435, 1.1518, 1.1650, 1.1994