The pair is in a correction and may grow.
On the 4-hour chart, the wave (C) of the higher level forms, within which the third wave 3 of (C) develops. Now, the first wave of the lower level i of 3 has formed, and a local correction is developing as the wave ii of 3. If the assumption is correct, the pair will grow to the levels of 107.67–108.43. In this scenario, critical stop loss level is 106.15.
Main scenario
Long positions will become relevant during the correction, above the level of 106.15 with the targets at 107.67–108.43. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 106.15 will let the pair go down to the levels of 104.00–103.00.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 106.62
Take Profit 107.67, 108.43
Stop Loss 106.15
Key Levels 103.00, 104.00, 106.15, 107.67, 108.43
Alternative scenario
Recommendation SELL STOP
Entry Point 106.10
Take Profit 104.00, 103.00
Stop Loss 106.80
Key Levels 103.00, 104.00, 106.15, 107.67, 108.43
On the 4-hour chart, the wave (C) of the higher level forms, within which the third wave 3 of (C) develops. Now, the first wave of the lower level i of 3 has formed, and a local correction is developing as the wave ii of 3. If the assumption is correct, the pair will grow to the levels of 107.67–108.43. In this scenario, critical stop loss level is 106.15.
Main scenario
Long positions will become relevant during the correction, above the level of 106.15 with the targets at 107.67–108.43. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 106.15 will let the pair go down to the levels of 104.00–103.00.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 106.62
Take Profit 107.67, 108.43
Stop Loss 106.15
Key Levels 103.00, 104.00, 106.15, 107.67, 108.43
Alternative scenario
Recommendation SELL STOP
Entry Point 106.10
Take Profit 104.00, 103.00
Stop Loss 106.80
Key Levels 103.00, 104.00, 106.15, 107.67, 108.43