The pair may grow.
On the 4-hour chart, the wave C of the higher level develops, within which the first wave 1 formed as a widening diagonal. Now, the formation of the upward correction as the wave 2 has begun, within which the wave a of 2 is developing. If the assumption is correct, the pair will grow to the levels of 108.70–109.58. In this scenario, critical stop loss level is 104.99.
Main scenario
Long positions will become relevant during the correction, above the level of 104.99 with the targets at 108.70–109.58. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 104.99 will let the pair go down to the levels of 104.00–103.00.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 106.44
Take Profit 108.70, 109.58
Stop Loss 104.99
Key Levels 103.00, 104.00, 104.99, 108.70, 109.58
Alternative scenario
Recommendation SELL STOP
Entry Point 104.90
Take Profit 104.00, 103.00
Stop Loss 105.20
Key Levels 103.00, 104.00, 104.99, 108.70, 109.58
On the 4-hour chart, the wave C of the higher level develops, within which the first wave 1 formed as a widening diagonal. Now, the formation of the upward correction as the wave 2 has begun, within which the wave a of 2 is developing. If the assumption is correct, the pair will grow to the levels of 108.70–109.58. In this scenario, critical stop loss level is 104.99.
Main scenario
Long positions will become relevant during the correction, above the level of 104.99 with the targets at 108.70–109.58. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 104.99 will let the pair go down to the levels of 104.00–103.00.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 106.44
Take Profit 108.70, 109.58
Stop Loss 104.99
Key Levels 103.00, 104.00, 104.99, 108.70, 109.58
Alternative scenario
Recommendation SELL STOP
Entry Point 104.90
Take Profit 104.00, 103.00
Stop Loss 105.20
Key Levels 103.00, 104.00, 104.99, 108.70, 109.58