The pair may grow within the correction.
On the 4-hour chart, an upward correction of the higher level developed as the wave ii of C of (2). Now the formation of the third wave iii has begun, within which the first wave of the lower level (i) of iii has formed. If the assumption is correct, the pair will grow to the levels of 1.1453–1.1480 within the wave (ii) of iii. In this scenario, critical stop loss level is 1.1338.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1338 with the targets at 1.1453–1.1480. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1338 will let the pair go down to the levels of 1.1258–1.1210.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1387
Take Profit 1.1453, 1.1480
Stop Loss 1.1338
Key Levels 1.1210, 1.1258, 1.1338, 1.1453, 1.1480
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1330
Take Profit 1.1258, 1.1210
Stop Loss 1.1365
Key Levels 1.1210, 1.1258, 1.1338, 1.1453, 1.1480
On the 4-hour chart, an upward correction of the higher level developed as the wave ii of C of (2). Now the formation of the third wave iii has begun, within which the first wave of the lower level (i) of iii has formed. If the assumption is correct, the pair will grow to the levels of 1.1453–1.1480 within the wave (ii) of iii. In this scenario, critical stop loss level is 1.1338.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1338 with the targets at 1.1453–1.1480. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1338 will let the pair go down to the levels of 1.1258–1.1210.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1387
Take Profit 1.1453, 1.1480
Stop Loss 1.1338
Key Levels 1.1210, 1.1258, 1.1338, 1.1453, 1.1480
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1330
Take Profit 1.1258, 1.1210
Stop Loss 1.1365
Key Levels 1.1210, 1.1258, 1.1338, 1.1453, 1.1480