The pair can grow.
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the correctional growth of the pair is developing as a fourth wave iv of A, within which the wave (a) of iv is forming. If the assumption is correct, the pair will grow to the level of 1.1884. The level of 1.1516 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1516 with the target at 1.1884. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1516 will let the pair go down to the levels of 1.1435–1.1350.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1693
Take Profit 1.1884
Stop Loss 1.1516
Key Levels 1.1350, 1.1435, 1.1516, 1.1884
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1510
Take Profit 1.1435, 1.1350
Stop Loss 1.1570
Key Levels 1.1350, 1.1435, 1.1516, 1.1884
On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the correctional growth of the pair is developing as a fourth wave iv of A, within which the wave (a) of iv is forming. If the assumption is correct, the pair will grow to the level of 1.1884. The level of 1.1516 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1516 with the target at 1.1884. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1516 will let the pair go down to the levels of 1.1435–1.1350.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.1693
Take Profit 1.1884
Stop Loss 1.1516
Key Levels 1.1350, 1.1435, 1.1516, 1.1884
Alternative scenario
Recommendation SELL STOP
Entry Point 1.1510
Take Profit 1.1435, 1.1350
Stop Loss 1.1570
Key Levels 1.1350, 1.1435, 1.1516, 1.1884