The correction has ended, the pair can grow.
On the 4-hour chart, the correction of the higher level has formed as a wave 2 of (C), taking a shape of an irregular flat. Now the downward momentum has developed as a wave c of 2 b, and the formation of the wave (i) of i of 3 has begun. If the assumption is correct, the pair may grow to the level of 113.22 and higher. The level of 110.57 is critical and stop-loss for this scenario.
Main scenario
Long positions may become relevant above the level of 110.57 with the target at 113.22. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 110.57 may let the pair go down to the levels of 109.35–108.15.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.24
Take Profit 113.22
Stop Loss 110.57
Key Levels 108.15, 109.35, 110.57, 113.22
Alternative scenario
Recommendation SELL STOP
Entry Point 110.50
Take Profit 109.35, 108.15
Stop Loss 110.90
Key Levels 108.15, 109.35, 110.57, 113.22
On the 4-hour chart, the correction of the higher level has formed as a wave 2 of (C), taking a shape of an irregular flat. Now the downward momentum has developed as a wave c of 2 b, and the formation of the wave (i) of i of 3 has begun. If the assumption is correct, the pair may grow to the level of 113.22 and higher. The level of 110.57 is critical and stop-loss for this scenario.
Main scenario
Long positions may become relevant above the level of 110.57 with the target at 113.22. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 110.57 may let the pair go down to the levels of 109.35–108.15.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.24
Take Profit 113.22
Stop Loss 110.57
Key Levels 108.15, 109.35, 110.57, 113.22
Alternative scenario
Recommendation SELL STOP
Entry Point 110.50
Take Profit 109.35, 108.15
Stop Loss 110.90
Key Levels 108.15, 109.35, 110.57, 113.22