The pair may decrease.
On the 4-hour chart, a downward correction of a higher level develops as the wave 2 of (C). Now the wave c of 2 is forming, within which the wave of a lower level (iii) of c is developing. If the assumption is correct, the pair will fall to the levels of 109.50–108.33. In this scenario, critical stop loss level is 112.19.
Main scenario
Short positions will become relevant during the correction, below the level of 112.19 with the targets at 109.50–108.33. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 112.19 will let the pair grow to the levels of 113.66–114.50.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 110.40
Take Profit 109.50, 108.33
Stop Loss 110.70, 112.19
Key Levels 108.33, 109.50, 112.19, 113.66, 114.50
Alternative scenario
Recommendation BUY STOP
Entry Point 112.25
Take Profit 113.66, 114.50
Stop Loss 111.80
Key Levels 108.33, 109.50, 112.19, 113.66, 114.50
On the 4-hour chart, a downward correction of a higher level develops as the wave 2 of (C). Now the wave c of 2 is forming, within which the wave of a lower level (iii) of c is developing. If the assumption is correct, the pair will fall to the levels of 109.50–108.33. In this scenario, critical stop loss level is 112.19.
Main scenario
Short positions will become relevant during the correction, below the level of 112.19 with the targets at 109.50–108.33. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 112.19 will let the pair grow to the levels of 113.66–114.50.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 110.40
Take Profit 109.50, 108.33
Stop Loss 110.70, 112.19
Key Levels 108.33, 109.50, 112.19, 113.66, 114.50
Alternative scenario
Recommendation BUY STOP
Entry Point 112.25
Take Profit 113.66, 114.50
Stop Loss 111.80
Key Levels 108.33, 109.50, 112.19, 113.66, 114.50