The pair may grow.
On the 4-hour chart, a downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now, an upward correction is developing as the second wave ii of C, within which the wave (b) of ii has formed, and the development of the wave (c) of ii has begun. If the assumption is correct, the pair will grow to the levels of 1.1511–1.1586. In this scenario, critical stop loss level is 1.1270.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1270 with the targets at 1.1511–1.1586. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1270 will let the pair go down to the levels of 1.1200–1.1150.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1382
Take Profit 1.1511, 1.1586
Stop Loss 1.1270
Key Levels 1.1150, 1.1200, 1.1270, 1.1511, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1265
Take Profit 1.1200, 1.1150
Stop Loss 1.1295
Key Levels 1.1150, 1.1200, 1.1270, 1.1511, 1.1586
On the 4-hour chart, a downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now, an upward correction is developing as the second wave ii of C, within which the wave (b) of ii has formed, and the development of the wave (c) of ii has begun. If the assumption is correct, the pair will grow to the levels of 1.1511–1.1586. In this scenario, critical stop loss level is 1.1270.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1270 with the targets at 1.1511–1.1586. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1270 will let the pair go down to the levels of 1.1200–1.1150.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1382
Take Profit 1.1511, 1.1586
Stop Loss 1.1270
Key Levels 1.1150, 1.1200, 1.1270, 1.1511, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1265
Take Profit 1.1200, 1.1150
Stop Loss 1.1295
Key Levels 1.1150, 1.1200, 1.1270, 1.1511, 1.1586