The trend is upward.
On the 4-hour chart, the upward momentum has formed as a first wave of the higher level 1 of (C), and the local correction 2 of (C) has ended. Now the formation of the wave 3 of (C) has begun, within which the first wave of the lower level i of 3 is developing. If the assumption is correct, the pair will grow to the level of 111.40. The level of 110.27 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 110.27 with the target at 111.40. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 110.27 will let the pair go down to the levels of 109.90–109.21.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 109.65
Take Profit 111.40
Stop Loss 110.27
Key Levels 109.21, 109.90, 110.27, 111.40
Alternative scenario
Recommendation SELL STOP
Entry Point 110.20
Take Profit 109.90, 109.21
Stop Loss 110.45
Key Levels 109.21, 109.90, 110.27, 111.40
On the 4-hour chart, the upward momentum has formed as a first wave of the higher level 1 of (C), and the local correction 2 of (C) has ended. Now the formation of the wave 3 of (C) has begun, within which the first wave of the lower level i of 3 is developing. If the assumption is correct, the pair will grow to the level of 111.40. The level of 110.27 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 110.27 with the target at 111.40. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 110.27 will let the pair go down to the levels of 109.90–109.21.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 109.65
Take Profit 111.40
Stop Loss 110.27
Key Levels 109.21, 109.90, 110.27, 111.40
Alternative scenario
Recommendation SELL STOP
Entry Point 110.20
Take Profit 109.90, 109.21
Stop Loss 110.45
Key Levels 109.21, 109.90, 110.27, 111.40