The pair can grow.
On the 4-hour chart, the downward momentum of the higher level A of (2) formed, and the development of the upward correction as a wave B of (2) begun. Now the wave a of B is developing, within which the fourth wave of the lower level (iv) of a has ended. If the assumption is correct, the pair will grow to the levels of 1.1780–1.1820. In this scenario, critical stop loss level is 1.1639.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1639 with the targets at 1.1780–1.1820. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1639 will let the pair go down to the levels of 1.1500–1.1450.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1678
Take Profit 1.1780, 1.1820
Stop Loss 1.1639
Key Levels 1.1450, 1.1500, 1.1639, 1.1780, 1.1820
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1630
Take Profit 1.1500, 1.1450
Stop Loss 1.1690
Key Levels 1.1450, 1.1500, 1.1639, 1.1780, 1.1820
On the 4-hour chart, the downward momentum of the higher level A of (2) formed, and the development of the upward correction as a wave B of (2) begun. Now the wave a of B is developing, within which the fourth wave of the lower level (iv) of a has ended. If the assumption is correct, the pair will grow to the levels of 1.1780–1.1820. In this scenario, critical stop loss level is 1.1639.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1639 with the targets at 1.1780–1.1820. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1639 will let the pair go down to the levels of 1.1500–1.1450.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1678
Take Profit 1.1780, 1.1820
Stop Loss 1.1639
Key Levels 1.1450, 1.1500, 1.1639, 1.1780, 1.1820
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1630
Take Profit 1.1500, 1.1450
Stop Loss 1.1690
Key Levels 1.1450, 1.1500, 1.1639, 1.1780, 1.1820