The pair is in a correction and may grow.
On the 4-hour chart, the downward correction of the higher level forms as the second wave 2. Now, the wave a of 2 has formed as a momentum. If the assumption is correct, in the short term, the pair will grow within the wave b of 2 to the level of 1.1320. In this scenario, critical stop loss level is 1.1105.
Main scenario
Long positions will become relevant above the level of 1.1105 with the targets at 1.1320–1.1413. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1105 will let the pair go down to the levels of 1.1060–1.1000.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1223
Take Profit 1.1320, 1.1413
Stop Loss 1.1155
Key Levels 1.1105, 1.1320, 1.1413, 1.1060, 1.1000
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.1060, 1.1000
Stop Loss 1.1130
Key Levels 1.1105, 1.1320, 1.1413, 1.1060, 1.1000
On the 4-hour chart, the downward correction of the higher level forms as the second wave 2. Now, the wave a of 2 has formed as a momentum. If the assumption is correct, in the short term, the pair will grow within the wave b of 2 to the level of 1.1320. In this scenario, critical stop loss level is 1.1105.
Main scenario
Long positions will become relevant above the level of 1.1105 with the targets at 1.1320–1.1413. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1105 will let the pair go down to the levels of 1.1060–1.1000.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1223
Take Profit 1.1320, 1.1413
Stop Loss 1.1155
Key Levels 1.1105, 1.1320, 1.1413, 1.1060, 1.1000
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.1060, 1.1000
Stop Loss 1.1130
Key Levels 1.1105, 1.1320, 1.1413, 1.1060, 1.1000