The pair can fall.
On the 4-hour chart, the downward correction of the higher level has formed as a wave 2 of C. Now the formation of the wave 3 of C, within which the first wave of the lower level (i) is developing, has begun. If the assumption is correct, the pair will grow to the level of 113.40. The level of 110.15 is critical for this scenario.
media.clawshorns.com...3f7b692722348b22.png
Main scenario
Long positions will become relevant during the correction, above the level of 110.15 with the target at 113.40.
Alternative scenario
The breakdown and the consolidation of the price below the level of 110.15 will let the pair go down to the level of 107.30.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.20
Take Profit 113.40
Stop Loss 110.45
Key Levels 107.30, 110.15, 113.40
Alternative scenario
Recommendation SELL STOP
Entry Point 110.10
Take Profit 107.30
Stop Loss 111.05
Key Levels 107.30, 110.15, 113.40
On the 4-hour chart, the downward correction of the higher level has formed as a wave 2 of C. Now the formation of the wave 3 of C, within which the first wave of the lower level (i) is developing, has begun. If the assumption is correct, the pair will grow to the level of 113.40. The level of 110.15 is critical for this scenario.
media.clawshorns.com...3f7b692722348b22.png
Main scenario
Long positions will become relevant during the correction, above the level of 110.15 with the target at 113.40.
Alternative scenario
The breakdown and the consolidation of the price below the level of 110.15 will let the pair go down to the level of 107.30.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 111.20
Take Profit 113.40
Stop Loss 110.45
Key Levels 107.30, 110.15, 113.40
Alternative scenario
Recommendation SELL STOP
Entry Point 110.10
Take Profit 107.30
Stop Loss 111.05
Key Levels 107.30, 110.15, 113.40