The pair can grow.
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave x of B has developed, and the development of the wave y of B has begun. If the assumption is correct, the pair will grow to the levels of 1.1730–1.1814. In this scenario, critical stop loss level is 1.1430.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1430 with the targets at 1.1730–1.1814. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1430 will let the pair go down to the levels of 1.1370–1.1300.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1590
Take Profit 1.1730, 1.1814
Stop Loss 1.1545, 1.1430
Key Levels 1.3000, 1.1370, 1.1430, 1.1730, 1.1814
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1420
Take Profit 1.1370, 1.1300
Stop Loss 1.1455
Key Levels 1.3000, 1.1370, 1.1430, 1.1730, 1.1814
On the 4-hour chart, the upward correction develops as a wave B of (2). Now the wave x of B has developed, and the development of the wave y of B has begun. If the assumption is correct, the pair will grow to the levels of 1.1730–1.1814. In this scenario, critical stop loss level is 1.1430.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1430 with the targets at 1.1730–1.1814. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1430 will let the pair go down to the levels of 1.1370–1.1300.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1590
Take Profit 1.1730, 1.1814
Stop Loss 1.1545, 1.1430
Key Levels 1.3000, 1.1370, 1.1430, 1.1730, 1.1814
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1420
Take Profit 1.1370, 1.1300
Stop Loss 1.1455
Key Levels 1.3000, 1.1370, 1.1430, 1.1730, 1.1814