The pair is falling.
On the 4-hour chart, a downward correction of the higher level develops as the wave 2, within which the fifth wave 5 of (C) of 2 forms as a zigzag. Now, the wave c of 5 is developing, within which the wave (iii) of c is forming. If the assumption is correct, the pair will fall to the levels of 1.0950–1.0850. In this scenario, critical stop loss level is 1.1163.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1163 with the targets at 1.0950–1.0850. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1163 will let the pair grow to the levels of 1.1250–1.1413.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1044
Take Profit 1.0950, 1.0850
Stop Loss 1.1105
Key Levels 1.0850, 1.0950, 1.1163, 1.1250, 1.1413
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1170
Take Profit 1.1250, 1.1413
Stop Loss 1.1110
Key Levels 1.0850, 1.0950, 1.1163, 1.1250, 1.1413
On the 4-hour chart, a downward correction of the higher level develops as the wave 2, within which the fifth wave 5 of (C) of 2 forms as a zigzag. Now, the wave c of 5 is developing, within which the wave (iii) of c is forming. If the assumption is correct, the pair will fall to the levels of 1.0950–1.0850. In this scenario, critical stop loss level is 1.1163.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1163 with the targets at 1.0950–1.0850. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1163 will let the pair grow to the levels of 1.1250–1.1413.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1044
Take Profit 1.0950, 1.0850
Stop Loss 1.1105
Key Levels 1.0850, 1.0950, 1.1163, 1.1250, 1.1413
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1170
Take Profit 1.1250, 1.1413
Stop Loss 1.1110
Key Levels 1.0850, 1.0950, 1.1163, 1.1250, 1.1413