The pair can grow.
On the 4-hour chart, the downward momentum of the higher level A of (2) formed, and the development of the upward correction as a wave B of (2) began. Now the wave a of B is developing, within which the entry momentum of the lower level (i) of a has formed. If the assumption is correct, the pair will fall to the levels of 1.1462–1.1425 within the wave (ii) of a. The level of 1.1625 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1625 with the targets at 1.1462–1.1425. Implementation period: 2–3 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1625 will let the pair grow to the levels of 1.1745–1.1800.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1565
Take Profit 1.1462, 1.1425
Stop Loss 1.1625
Key Levels 1.1425, 1.1462, 1.1625, 1.1745, 1.1800
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1630
Take Profit 1.1745, 1.1800
Stop Loss 1.1570
Key Levels 1.1425, 1.1462, 1.1625, 1.1745, 1.1800
On the 4-hour chart, the downward momentum of the higher level A of (2) formed, and the development of the upward correction as a wave B of (2) began. Now the wave a of B is developing, within which the entry momentum of the lower level (i) of a has formed. If the assumption is correct, the pair will fall to the levels of 1.1462–1.1425 within the wave (ii) of a. The level of 1.1625 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1625 with the targets at 1.1462–1.1425. Implementation period: 2–3 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1625 will let the pair grow to the levels of 1.1745–1.1800.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1565
Take Profit 1.1462, 1.1425
Stop Loss 1.1625
Key Levels 1.1425, 1.1462, 1.1625, 1.1745, 1.1800
Alternative scenario
Recommendation BUY STOP
Entry Point 1.1630
Take Profit 1.1745, 1.1800
Stop Loss 1.1570
Key Levels 1.1425, 1.1462, 1.1625, 1.1745, 1.1800