The pair can grow.
On the 4-hour chart, the downward correction of the higher level has formed as a wave 2 of C. Now the development of the third wave 3 of C, within which the first wave of the lower level (i) is forming, has begun. If the assumption is correct, the pair will grow to the level of 111.48. The level of 108.50 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 108.50 with the target at 111.48.
Alternative scenario
The breakdown and the consolidation of the price below the level of 108.50 will let the pair go down to the level of 107.30.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 109.66
Take Profit 111.48
Stop Loss 109.00
Key Levels 107.30, 108.50, 111.48
Alternative scenario
Recommendation SELL STOP
Entry Point 108.40
Take Profit 107.30
Stop Loss 109.00
Key Levels 107.30, 108.50, 111.48
On the 4-hour chart, the downward correction of the higher level has formed as a wave 2 of C. Now the development of the third wave 3 of C, within which the first wave of the lower level (i) is forming, has begun. If the assumption is correct, the pair will grow to the level of 111.48. The level of 108.50 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 108.50 with the target at 111.48.
Alternative scenario
The breakdown and the consolidation of the price below the level of 108.50 will let the pair go down to the level of 107.30.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 109.66
Take Profit 111.48
Stop Loss 109.00
Key Levels 107.30, 108.50, 111.48
Alternative scenario
Recommendation SELL STOP
Entry Point 108.40
Take Profit 107.30
Stop Loss 109.00
Key Levels 107.30, 108.50, 111.48