The pair is in a correction, the fall is possible.
On the 4-hour chart, the formation of the third wave of the higher level 3 of (C) has begun. Now the first wave of the lower level i of 3 has formed, and the downward correction ii of 3 is developing, within which the wave (c) of ii is forming. If the assumption is correct, the pair will fall to the levels of 109.20–108.81. The level of 110.75 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 110.75 with the targets at 109.20–108.81. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 110.75 will let the pair grow to the level of 111.40 and higher.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 110.00
Take Profit 109.20, 108.81
Stop Loss 110.75
Key Levels 108.81, 109.20, 110.75, 111.40
Alternative scenario
Recommendation BUY STOP
Entry Point 110.80
Take Profit 111.40
Stop Loss 110.20
Key Levels 108.81, 109.20, 110.75, 111.40
On the 4-hour chart, the formation of the third wave of the higher level 3 of (C) has begun. Now the first wave of the lower level i of 3 has formed, and the downward correction ii of 3 is developing, within which the wave (c) of ii is forming. If the assumption is correct, the pair will fall to the levels of 109.20–108.81. The level of 110.75 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 110.75 with the targets at 109.20–108.81. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 110.75 will let the pair grow to the level of 111.40 and higher.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 110.00
Take Profit 109.20, 108.81
Stop Loss 110.75
Key Levels 108.81, 109.20, 110.75, 111.40
Alternative scenario
Recommendation BUY STOP
Entry Point 110.80
Take Profit 111.40
Stop Loss 110.20
Key Levels 108.81, 109.20, 110.75, 111.40