The pair may grow.
On the 4-hour chart, the third wave of the higher level 3 of (C) develops, within which the wave i of 3 forms. Now the third wave of the lower level (iii) of i is developing, within which the local correction iv of (iii) has ended. If the assumption is correct, the pair will grow to the levels of 112.60–113.66. In this scenario, critical stop loss level is 110.67.
Main scenario
Long positions will become relevant during the correction, above the level of 110.67 with the targets at 112.60–113.66. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 110.67 will let the pair go down to the levels of 108.46–107.73.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.29
Take Profit 112.60, 113.66
Stop Loss 110.67
Key Levels 107.73, 108.46, 110.67, 112.60, 113.66
Alternative scenario
Recommendation SELL STOP
Entry Point 110.60
Take Profit 108.46, 107.73
Stop Loss 111.35
Key Levels 107.73, 108.46, 110.67, 112.60, 113.66
On the 4-hour chart, the third wave of the higher level 3 of (C) develops, within which the wave i of 3 forms. Now the third wave of the lower level (iii) of i is developing, within which the local correction iv of (iii) has ended. If the assumption is correct, the pair will grow to the levels of 112.60–113.66. In this scenario, critical stop loss level is 110.67.
Main scenario
Long positions will become relevant during the correction, above the level of 110.67 with the targets at 112.60–113.66. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 110.67 will let the pair go down to the levels of 108.46–107.73.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.29
Take Profit 112.60, 113.66
Stop Loss 110.67
Key Levels 107.73, 108.46, 110.67, 112.60, 113.66
Alternative scenario
Recommendation SELL STOP
Entry Point 110.60
Take Profit 108.46, 107.73
Stop Loss 111.35
Key Levels 107.73, 108.46, 110.67, 112.60, 113.66