The pair may fall.
On the 4-hour chart, the third wave of the higher level iii of C of (2) forms. Now the wave (iii) of iii of the lower level is developing, within which the local correction iv of (iii) has ended. If the assumption is correct, the pair will fall to the levels of 1.1120–1.1000. In this scenario, critical stop loss level is 1.1254.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1254 with the targets at 1.1120–1.1000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1254 will let the pair grow to the levels of 1.1332–1.1447.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1233
Take Profit 1.1120, 1.1000
Stop Loss 1.1254
Key Levels 1.1000, 1.1120, 1.1254, 1.1332, 1.1447
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1260
Take Profit 1.1332, 1.1447
Stop Loss 1.1225
Key Levels 1.1000, 1.1120, 1.1254, 1.1332, 1.1447
On the 4-hour chart, the third wave of the higher level iii of C of (2) forms. Now the wave (iii) of iii of the lower level is developing, within which the local correction iv of (iii) has ended. If the assumption is correct, the pair will fall to the levels of 1.1120–1.1000. In this scenario, critical stop loss level is 1.1254.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1254 with the targets at 1.1120–1.1000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1254 will let the pair grow to the levels of 1.1332–1.1447.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1233
Take Profit 1.1120, 1.1000
Stop Loss 1.1254
Key Levels 1.1000, 1.1120, 1.1254, 1.1332, 1.1447
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1260
Take Profit 1.1332, 1.1447
Stop Loss 1.1225
Key Levels 1.1000, 1.1120, 1.1254, 1.1332, 1.1447