The price is in the correction; the probability of growth remains.
On the H4 chart, presumably, the downward correction of the higher level is developing as a wave (2), which includes the wave C of (2). At the moment, the upward correction is forming as the second wave ii of C, within which wave (c) of ii is developing. If the assumption is correct, the pair will continue to rise to the levels of 1.1511–1.1586. The critical level for this scenario is 1.1266.
Main scenario
Long positions will become relevant above the level of 1.1266 with a target in the range of 1.1511–1.1586. Implementation period: 5-7 days.
Alternative scenario
Breakdown and consolidation of the price below the level of 1.1266 will allow the pair to decline to the levels of 1.1200–1.1150.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1372
Take Profit 1.1511, 1.1586
Stop Loss 1.1266
Key Levels 1.1150, 1.1200, 1.1266, 1.1511, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1260
Take Profit 1.1200, 1.1150
Stop Loss 1.1280
Key Levels 1.1150, 1.1200, 1.1266, 1.1511, 1.1586
On the H4 chart, presumably, the downward correction of the higher level is developing as a wave (2), which includes the wave C of (2). At the moment, the upward correction is forming as the second wave ii of C, within which wave (c) of ii is developing. If the assumption is correct, the pair will continue to rise to the levels of 1.1511–1.1586. The critical level for this scenario is 1.1266.
Main scenario
Long positions will become relevant above the level of 1.1266 with a target in the range of 1.1511–1.1586. Implementation period: 5-7 days.
Alternative scenario
Breakdown and consolidation of the price below the level of 1.1266 will allow the pair to decline to the levels of 1.1200–1.1150.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1372
Take Profit 1.1511, 1.1586
Stop Loss 1.1266
Key Levels 1.1150, 1.1200, 1.1266, 1.1511, 1.1586
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1260
Take Profit 1.1200, 1.1150
Stop Loss 1.1280
Key Levels 1.1150, 1.1200, 1.1266, 1.1511, 1.1586