The correction is ending, 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 of the lower level (i) of iii of C has formed, and an upward correction is ending as the wave (ii) of iii. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1020–1.0950. In this scenario, critical stop loss level is 1.1317.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 1.1317 with the targets at 1.1020–1.0950. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1317 will let the pair grow to the levels of 1.1447–1.1570.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1261
Take Profit 1.1020, 1.0950
Stop Loss 1.1317
Key Levels 1.0950, 1.1020, 1.1317, 1.1447, 1.1570
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1320
Take Profit 1.1447, 1.1570
Stop Loss 1.1260
Key Levels 1.0950, 1.1020, 1.1317, 1.1447, 1.1570
On the 4-hour chart, the third wave of the higher level iii of C of (2) forms. Now, the wave of the lower level (i) of iii of C has formed, and an upward correction is ending as the wave (ii) of iii. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1020–1.0950. In this scenario, critical stop loss level is 1.1317.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 1.1317 with the targets at 1.1020–1.0950. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1317 will let the pair grow to the levels of 1.1447–1.1570.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1261
Take Profit 1.1020, 1.0950
Stop Loss 1.1317
Key Levels 1.0950, 1.1020, 1.1317, 1.1447, 1.1570
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1320
Take Profit 1.1447, 1.1570
Stop Loss 1.1260
Key Levels 1.0950, 1.1020, 1.1317, 1.1447, 1.1570