The pair is in a correction, a fall is possible.
On the 4-hour chart, a downward correction of the higher level developed as the wave 2, within which the fifth wave 5 of (C) of 2 formed. Now, the first wave of the lower level i of 1 of (1) of 3 has formed, and a downward correction is developing as the wave ii of 1, within which the wave (c) of ii is forming. If the assumption is correct, the pair will fall to the levels of 1.1028–1.0990. In this scenario, critical stop loss level is 1.1138.
Main scenario
Short positions will become relevant below the level of 1.1138 with the targets at 1.1028–1.0990. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1138 will let the pair grow to the levels of 1.1281–1.1403.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1076
Take Profit 1.1028, 1.0990
Stop Loss 1.1105
Key Levels 1.0990, 1.1028, 1.1138, 1.1281, 1.1403
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1140
Take Profit 1.1281, 1.1403
Stop Loss 1.1080
Key Levels 1.0990, 1.1028, 1.1138, 1.1281, 1.1403
On the 4-hour chart, a downward correction of the higher level developed as the wave 2, within which the fifth wave 5 of (C) of 2 formed. Now, the first wave of the lower level i of 1 of (1) of 3 has formed, and a downward correction is developing as the wave ii of 1, within which the wave (c) of ii is forming. If the assumption is correct, the pair will fall to the levels of 1.1028–1.0990. In this scenario, critical stop loss level is 1.1138.
Main scenario
Short positions will become relevant below the level of 1.1138 with the targets at 1.1028–1.0990. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1138 will let the pair grow to the levels of 1.1281–1.1403.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1076
Take Profit 1.1028, 1.0990
Stop Loss 1.1105
Key Levels 1.0990, 1.1028, 1.1138, 1.1281, 1.1403
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1140
Take Profit 1.1281, 1.1403
Stop Loss 1.1080
Key Levels 1.0990, 1.1028, 1.1138, 1.1281, 1.1403