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 forming, within which the wave i of (iii) has formed, and the local correction ii 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 1.1346.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1346 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 1.1346 will let the pair grow to the levels of 1.1447–1.1515.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1302
Take Profit 1.1120, 1.1000
Stop Loss 1.1346
Key Levels 1.1000, 1.1120, 1.1346, 1.1447, 1.1515
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1350
Take Profit 1.1447, 1.1515
Stop Loss 1.1315
Key Levels 1.1000, 1.1120, 1.1346, 1.1447, 1.1515
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 forming, within which the wave i of (iii) has formed, and the local correction ii 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 1.1346.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1346 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 1.1346 will let the pair grow to the levels of 1.1447–1.1515.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1302
Take Profit 1.1120, 1.1000
Stop Loss 1.1346
Key Levels 1.1000, 1.1120, 1.1346, 1.1447, 1.1515
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1350
Take Profit 1.1447, 1.1515
Stop Loss 1.1315
Key Levels 1.1000, 1.1120, 1.1346, 1.1447, 1.1515