The pair can fall.
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the development of the upward correction as a fourth wave iv of A has ended, and the formation of the wave v of A has begun. If the assumption is correct, the pair will fall to the level of 1.1320. The level of 1.1647 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1647 with the target at 1.1320. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1647 will let the pair grow to the level of 1.1851.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1551
Take Profit 1.1320
Stop Loss 1.1647
Key Levels 1.1320, 1.1647, 1.1851
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1650
Take Profit 1.1851
Stop Loss 1.1580
Key Levels 1.1320, 1.1647, 1.1851
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the development of the upward correction as a fourth wave iv of A has ended, and the formation of the wave v of A has begun. If the assumption is correct, the pair will fall to the level of 1.1320. The level of 1.1647 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1647 with the target at 1.1320. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1647 will let the pair grow to the level of 1.1851.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1551
Take Profit 1.1320
Stop Loss 1.1647
Key Levels 1.1320, 1.1647, 1.1851
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1650
Take Profit 1.1851
Stop Loss 1.1580
Key Levels 1.1320, 1.1647, 1.1851