The trend is upward.
On the 4-hour chart the wave C of the higher level, within which the formation of the wave 3 of C has begun, is developing. At the moment the third wave iii of 3, within which the first wave of the lower level (i) of iii is developing, is forming. If the assumption is correct, the pair will grow to the levels of 114.73–115.77. The level of 112.00 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 112.00 with the targets at 114.73–115.77.
Alternative scenario
The breakdown and the consolidation of the price below the level of 112.00 will let the pair go down to the level of 110.84.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 113.42
Take Profit 114.73, 115.77
Stop Loss 112.80
Key Levels 110.84, 112.00, 114.73, 115.77
Alternative scenario
Recommendation SELL STOP
Entry Point 111.90
Take Profit 110.84
Stop Loss 112.50
Key Levels 110.84, 112.00, 114.73, 115.77
On the 4-hour chart the wave C of the higher level, within which the formation of the wave 3 of C has begun, is developing. At the moment the third wave iii of 3, within which the first wave of the lower level (i) of iii is developing, is forming. If the assumption is correct, the pair will grow to the levels of 114.73–115.77. The level of 112.00 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 112.00 with the targets at 114.73–115.77.
Alternative scenario
The breakdown and the consolidation of the price below the level of 112.00 will let the pair go down to the level of 110.84.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 113.42
Take Profit 114.73, 115.77
Stop Loss 112.80
Key Levels 110.84, 112.00, 114.73, 115.77
Alternative scenario
Recommendation SELL STOP
Entry Point 111.90
Take Profit 110.84
Stop Loss 112.50
Key Levels 110.84, 112.00, 114.73, 115.77