The pair may grow.
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 as a zigzag. Now, the development of the third wave of the higher level 3 is starting, within which the first wave of the lower level i of 1 of (1) of 3 is forming as a diagonal. If the assumption is correct, the pair will grow to the levels of 1.1113–1.1163. In this scenario, critical stop loss level is 1.0964.
Main scenario
Long positions will become relevant during the correction, above the level of 1.0964 with the targets at 1.1113–1.1163. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0964 will let the pair go down to the levels of 1.0921–1.0850.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.0998
Take Profit 1.1113, 1.1163
Stop Loss 1.0964
Key Levels 1.0850, 1.0921, 1.0964, 1.1113, 1.1163
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0960
Take Profit 1.0921, 1.0850
Stop Loss 1.0985
Key Levels 1.0850, 1.0921, 1.0964, 1.1113, 1.1163
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 as a zigzag. Now, the development of the third wave of the higher level 3 is starting, within which the first wave of the lower level i of 1 of (1) of 3 is forming as a diagonal. If the assumption is correct, the pair will grow to the levels of 1.1113–1.1163. In this scenario, critical stop loss level is 1.0964.
Main scenario
Long positions will become relevant during the correction, above the level of 1.0964 with the targets at 1.1113–1.1163. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0964 will let the pair go down to the levels of 1.0921–1.0850.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.0998
Take Profit 1.1113, 1.1163
Stop Loss 1.0964
Key Levels 1.0850, 1.0921, 1.0964, 1.1113, 1.1163
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0960
Take Profit 1.0921, 1.0850
Stop Loss 1.0985
Key Levels 1.0850, 1.0921, 1.0964, 1.1113, 1.1163
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.