The pair may fall.
On the daily chart, a downward correction of the higher level forms as the wave (2), within which the wave C of (2) develops. Now the third wave of the lower level iii of C is forming, within which the wave (iii) of iii is developing. If the assumption is correct, the pair will fall to the levels of 1.1120–1.1000. In this scenario, critical stop loss level is 1.1419.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1419 with the targets at 1.1120–1.1000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1419 will let the pair grow to the levels of 1.1512–1.1572.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1317
Take Profit 1.1120, 1.1000
Stop Loss 1.1419
Key Levels 1.1000, 1.1120, 1.1419, 1.1512, 1.1572
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1425
Take Profit 1.1512, 1.1572
Stop Loss 1.1365
Key Levels 1.1000, 1.1120, 1.1419, 1.1512, 1.1572
On the daily chart, a downward correction of the higher level forms as the wave (2), within which the wave C of (2) develops. Now the third wave of the lower level iii of C is forming, within which the wave (iii) of iii is developing. If the assumption is correct, the pair will fall to the levels of 1.1120–1.1000. In this scenario, critical stop loss level is 1.1419.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1419 with the targets at 1.1120–1.1000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1419 will let the pair grow to the levels of 1.1512–1.1572.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1317
Take Profit 1.1120, 1.1000
Stop Loss 1.1419
Key Levels 1.1000, 1.1120, 1.1419, 1.1512, 1.1572
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1425
Take Profit 1.1512, 1.1572
Stop Loss 1.1365
Key Levels 1.1000, 1.1120, 1.1419, 1.1512, 1.1572