The pair may grow.
On the 4-hour chart, the first entry wave 1 of (1) of 3 formed as a diverging diagonal triangle, and the downward correction 2 of (1) of 3 ends. Now, the development of the wave c of 2 is ending. If the assumption is correct, the pair will grow to the levels of 1.1286–1.1413. In this scenario, critical stop loss level is 1.1106.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1106 with the targets at 1.1286–1.1413. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1106 will let the pair go down to the levels of 1.1050–1.1000.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1150
Take Profit 1.1286, 1.1413
Stop Loss 1.1106
Key Levels 1.1000, 1.1050, 1.1106, 1.1286, 1.1413
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.1050, 1.1000
Stop Loss 1.1130
Key Levels 1.1000, 1.1050, 1.1106, 1.1286, 1.1413
On the 4-hour chart, the first entry wave 1 of (1) of 3 formed as a diverging diagonal triangle, and the downward correction 2 of (1) of 3 ends. Now, the development of the wave c of 2 is ending. If the assumption is correct, the pair will grow to the levels of 1.1286–1.1413. In this scenario, critical stop loss level is 1.1106.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1106 with the targets at 1.1286–1.1413. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.1106 will let the pair go down to the levels of 1.1050–1.1000.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1150
Take Profit 1.1286, 1.1413
Stop Loss 1.1106
Key Levels 1.1000, 1.1050, 1.1106, 1.1286, 1.1413
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1100
Take Profit 1.1050, 1.1000
Stop Loss 1.1130
Key Levels 1.1000, 1.1050, 1.1106, 1.1286, 1.1413