The pair may grow.
On the 4-hour chart, a downward correction of the higher level developed as the wave 2 of (C). Now, the formation of the wave 3 of (C) has begun, within which the first wave of the lower level (i) of i of 3 has formed, and a correction as the wave (ii) of i has ended. If the assumption is correct, the pair will grow to the levels of 111.42–113.66. In this scenario, critical stop loss level is 107.73.
Main scenario
Long positions will become relevant during the correction, above the level of 107.73 with the targets at 111.42–113.66. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 107.73 will let the pair go down to the levels of 106.20–104.50.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 108.91
Take Profit 111.42, 113.66
Stop Loss 107.73
Key Levels 104.50, 106.20, 107.73, 111.42, 113.66
Alternative scenario
Recommendation SELL STOP
Entry Point 107.65
Take Profit 106.20, 104.50
Stop Loss 108.25
Key Levels 104.50, 106.20, 107.73, 111.42, 113.66
On the 4-hour chart, a downward correction of the higher level developed as the wave 2 of (C). Now, the formation of the wave 3 of (C) has begun, within which the first wave of the lower level (i) of i of 3 has formed, and a correction as the wave (ii) of i has ended. If the assumption is correct, the pair will grow to the levels of 111.42–113.66. In this scenario, critical stop loss level is 107.73.
Main scenario
Long positions will become relevant during the correction, above the level of 107.73 with the targets at 111.42–113.66. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 107.73 will let the pair go down to the levels of 106.20–104.50.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 108.91
Take Profit 111.42, 113.66
Stop Loss 107.73
Key Levels 104.50, 106.20, 107.73, 111.42, 113.66
Alternative scenario
Recommendation SELL STOP
Entry Point 107.65
Take Profit 106.20, 104.50
Stop Loss 108.25
Key Levels 104.50, 106.20, 107.73, 111.42, 113.66