The pair can decrease.
On the 4-hour chart, the third wave of the higher level iii of C of (2) forms. Now the wave (iii) of iii of the lower level is developing. If the assumption is correct, the pair will fall to the levels of 1.1200–1.1120. In this scenario, critical stop loss level is 1.1412.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1412 with the targets at 1.1200–1.1120. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1.1412 will let the pair grow to the levels of 1.1512–1.1572.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1294
Take Profit 1.1200, 1.1120
Stop Loss 1.1355
Key Levels 1.1120, 1.1200, 1.1412, 1.1512, 1.1572
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1420
Take Profit 1.1512, 1.1572
Stop Loss 1.1360
Key Levels 1.1120, 1.1200, 1.1412, 1.1512, 1.1572
On the 4-hour chart, the third wave of the higher level iii of C of (2) forms. Now the wave (iii) of iii of the lower level is developing. If the assumption is correct, the pair will fall to the levels of 1.1200–1.1120. In this scenario, critical stop loss level is 1.1412.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1412 with the targets at 1.1200–1.1120. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1.1412 will let the pair grow to the levels of 1.1512–1.1572.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1294
Take Profit 1.1200, 1.1120
Stop Loss 1.1355
Key Levels 1.1120, 1.1200, 1.1412, 1.1512, 1.1572
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1420
Take Profit 1.1512, 1.1572
Stop Loss 1.1360
Key Levels 1.1120, 1.1200, 1.1412, 1.1512, 1.1572