The pair can grow.
On the 4-hour chart, the downward momentum has formed as a wave C within the correction of the higher level (B). At the moment the first entering wave of the lower level (i) of I has formed, and the local correction (ii) is ending. If the assumption is correct, the pair will grow to the levels of 110.45–111.30. The level of 105.50 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 105.50 with the targets at 110.45–111.30.
Alternative scenario
The breakdown and the consolidation of the price below the level of 105.50 will let the pair go down to the level of 103.50.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 106.49
Take Profit 110.45, 111.30
Stop Loss 105.20
Key Levels 103.50, 105.50, 110.45, 111.30
Alternative scenario
Recommendation SELL STOP
Entry Point 105.40
Take Profit 103.50
Stop Loss 106.05
Key Levels 103.50, 105.50, 110.45, 111.30
On the 4-hour chart, the downward momentum has formed as a wave C within the correction of the higher level (B). At the moment the first entering wave of the lower level (i) of I has formed, and the local correction (ii) is ending. If the assumption is correct, the pair will grow to the levels of 110.45–111.30. The level of 105.50 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 105.50 with the targets at 110.45–111.30.
Alternative scenario
The breakdown and the consolidation of the price below the level of 105.50 will let the pair go down to the level of 103.50.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 106.49
Take Profit 110.45, 111.30
Stop Loss 105.20
Key Levels 103.50, 105.50, 110.45, 111.30
Alternative scenario
Recommendation SELL STOP
Entry Point 105.40
Take Profit 103.50
Stop Loss 106.05
Key Levels 103.50, 105.50, 110.45, 111.30