The pair may grow.
On the 4-hour chart, the first wave 1 within the started wave (C) of the higher level develops. Now, the first wave of the lower level i of 1 of (C) has formed, the local correction ii of 1 has ended, which has reached the correctional level 50%, and the development of the wave iii of 1 has started, within which the wave (i) of iii is forming. If the assumption is correct, the pair will grow to the levels of 110.50–112.32. In this scenario, critical stop loss level is 106.44.
Main scenario
Long positions will become relevant during the correction, above the level of 106.44 with the targets at 110.50–112.32. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 106.44 will let the pair go down to the levels of 104.43–103.50.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 108.23
Take Profit 110.50, 112.32
Stop Loss 106.44
Key Levels 103.50, 104.43, 106.44, 110.50, 112.32
Alternative scenario
Recommendation SELL STOP
Entry Point 106.40
Take Profit 104.43, 103.50
Stop Loss 107.05
Key Levels 103.50, 104.43, 106.44, 110.50, 112.32
On the 4-hour chart, the first wave 1 within the started wave (C) of the higher level develops. Now, the first wave of the lower level i of 1 of (C) has formed, the local correction ii of 1 has ended, which has reached the correctional level 50%, and the development of the wave iii of 1 has started, within which the wave (i) of iii is forming. If the assumption is correct, the pair will grow to the levels of 110.50–112.32. In this scenario, critical stop loss level is 106.44.
Main scenario
Long positions will become relevant during the correction, above the level of 106.44 with the targets at 110.50–112.32. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 106.44 will let the pair go down to the levels of 104.43–103.50.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 108.23
Take Profit 110.50, 112.32
Stop Loss 106.44
Key Levels 103.50, 104.43, 106.44, 110.50, 112.32
Alternative scenario
Recommendation SELL STOP
Entry Point 106.40
Take Profit 104.43, 103.50
Stop Loss 107.05
Key Levels 103.50, 104.43, 106.44, 110.50, 112.32