The trend is upward.
On the 4-hour chart, the third wave of the higher level 3 of C develops. Now the third wave of the lower level iii of 3 is forming, within which of the wave (iii) of iii is developing. If the assumption is correct, the pair will grow to the levels of 115.00–115.50. In this scenario, critical stop loss level is 113.51.
Main scenario
Long positions will become relevant during the correction, above the level of 113.51 with the targets at 115.00–115.50. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 113.51 will let the pair go down to the levels of 112.54–111.75.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 113.90
Take Profit 115.00, 115.50
Stop Loss 113.51
Key Levels 111.75, 112.54, 113.51, 115.00, 115.50
Alternative scenario
Recommendation SELL STOP
Entry Point 113.45
Take Profit 112.54, 111.75
Stop Loss 113.75
Key Levels 111.75, 112.54, 113.51, 115.00, 115.50
On the 4-hour chart, the third wave of the higher level 3 of C develops. Now the third wave of the lower level iii of 3 is forming, within which of the wave (iii) of iii is developing. If the assumption is correct, the pair will grow to the levels of 115.00–115.50. In this scenario, critical stop loss level is 113.51.
Main scenario
Long positions will become relevant during the correction, above the level of 113.51 with the targets at 115.00–115.50. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 113.51 will let the pair go down to the levels of 112.54–111.75.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 113.90
Take Profit 115.00, 115.50
Stop Loss 113.51
Key Levels 111.75, 112.54, 113.51, 115.00, 115.50
Alternative scenario
Recommendation SELL STOP
Entry Point 113.45
Take Profit 112.54, 111.75
Stop Loss 113.75
Key Levels 111.75, 112.54, 113.51, 115.00, 115.50