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. If the assumption is correct, the pair may fall to the levels of 1.1028–1.0990. In this scenario, critical stop loss level is 1.1180.
Main scenario
Short positions will become relevant below the level of 1.1180 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 1.1180 will let the pair grow to the levels of 1.1281–1.1403.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 1.1160 Take Profit 1.1028, 1.0990 Stop Loss 1.1180 Key Levels 1.0990, 1.1028, 1.1180, 1.1281, 1.1403
Alternative scenario
Recommendation BUY STOP Entry Point 1.1185 Take Profit 1.1281, 1.1403 Stop Loss 1.1125 Key Levels 1.0990, 1.1028, 1.1180, 1.1281, 1.1403
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