The pair can decrease.
On the 4-hour chart, the downward momentum of the higher level A of (2) is forming, within which the local correction is ending as a fourth wave of the lower level iv of A. Now the development of the fifth wave v of A has begun, within which the first wave of the lower level (i) of v is forming. If the assumption is correct, the pair will fall to the levels of 1.1439–1.1320. The level of 1.1745 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1745 with the targets at 1.1439–1.1320. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1745 will let the pair grow to the levels of 1.1900–1.2000.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1658
Take Profit 1.1439, 1.1320
Stop Loss 1.1745
Key Levels 1.1320, 1.1439, 1.1745, 1.1900, 1.2000
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1750
Take Profit 1.1900, 1.2000
Stop Loss 1.1700
Key Levels 1.1320, 1.1439, 1.1745, 1.1900, 1.2000
On the 4-hour chart, the downward momentum of the higher level A of (2) is forming, within which the local correction is ending as a fourth wave of the lower level iv of A. Now the development of the fifth wave v of A has begun, within which the first wave of the lower level (i) of v is forming. If the assumption is correct, the pair will fall to the levels of 1.1439–1.1320. The level of 1.1745 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1745 with the targets at 1.1439–1.1320. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1745 will let the pair grow to the levels of 1.1900–1.2000.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1658
Take Profit 1.1439, 1.1320
Stop Loss 1.1745
Key Levels 1.1320, 1.1439, 1.1745, 1.1900, 1.2000
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1750
Take Profit 1.1900, 1.2000
Stop Loss 1.1700
Key Levels 1.1320, 1.1439, 1.1745, 1.1900, 1.2000