The pair is likely to continue growing in the framework of correction.
Within the four-hour timeframe, the formation of the downward correction of higher level as the wave (2) is presumably continuing, within which the wave A of (2) develops. At the moment, apparently, the third wave of the lower level iii of A has formed. If the assumption is correct, it is logical to expect a correctional growth to develop within the fourth level iv of A to the levels of 1.1930–1.2030. The level of 1.1760 is critical and stop-loss for this scenario.
Main scenario
Long positions are relevant above the level of 1.1760 with targets at 1.1930–1.2030. Implementation period: 3–5 days.
Alternative scenario
Breaking down the level of 1.1760 and consolidation below it will allow the pair to continue reduction to the levels of 1.1700–1.1550.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1811
Take Profit 1.1930, 1.2030
Stop Loss 1.1760
Key Levels 1.1550, 1.1700, 1.1760, 1.1930, 1.2030
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1750
Take Profit 1.1700, 1.1550
Stop Loss 1.1800
Key Levels 1.1550, 1.1700, 1.1760, 1.1930, 1.2030
Within the four-hour timeframe, the formation of the downward correction of higher level as the wave (2) is presumably continuing, within which the wave A of (2) develops. At the moment, apparently, the third wave of the lower level iii of A has formed. If the assumption is correct, it is logical to expect a correctional growth to develop within the fourth level iv of A to the levels of 1.1930–1.2030. The level of 1.1760 is critical and stop-loss for this scenario.
Main scenario
Long positions are relevant above the level of 1.1760 with targets at 1.1930–1.2030. Implementation period: 3–5 days.
Alternative scenario
Breaking down the level of 1.1760 and consolidation below it will allow the pair to continue reduction to the levels of 1.1700–1.1550.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1811
Take Profit 1.1930, 1.2030
Stop Loss 1.1760
Key Levels 1.1550, 1.1700, 1.1760, 1.1930, 1.2030
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1750
Take Profit 1.1700, 1.1550
Stop Loss 1.1800
Key Levels 1.1550, 1.1700, 1.1760, 1.1930, 1.2030