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. Now, the first wave of the lower level i of 1 of (1) of 3 is developing, within which the wave (iii) of i has formed, and the correction (iv) of i has ended. If the assumption is correct, the pair will grow to the levels of 1.1110–1.1250. In this scenario, critical stop loss level is 1.0991.
Main scenario
Long positions will become relevant during the correction, above the level of 1.0991 with the targets at 1.1110–1.1250. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0991 will let the pair go down to the levels of 1.0860–1.0800.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1050
Take Profit 1.1110, 1.1250
Stop Loss 1.0991
Key Levels 1.0800, 1.0860, 1.0991, 1.1110, 1.1250
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0985
Take Profit 1.0860, 1.0800
Stop Loss 1.1045
Key Levels 1.0800, 1.0860, 1.0991, 1.1110, 1.1250
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 is developing, within which the wave (iii) of i has formed, and the correction (iv) of i has ended. If the assumption is correct, the pair will grow to the levels of 1.1110–1.1250. In this scenario, critical stop loss level is 1.0991.
Main scenario
Long positions will become relevant during the correction, above the level of 1.0991 with the targets at 1.1110–1.1250. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0991 will let the pair go down to the levels of 1.0860–1.0800.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1050
Take Profit 1.1110, 1.1250
Stop Loss 1.0991
Key Levels 1.0800, 1.0860, 1.0991, 1.1110, 1.1250
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0985
Take Profit 1.0860, 1.0800
Stop Loss 1.1045
Key Levels 1.0800, 1.0860, 1.0991, 1.1110, 1.1250
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.