The pair can fall.
On the 4-hour chart, the local correction of the higher level develops as a wave 2 of (C). Now the wave c of 2 is forming, within which the wave of the lower level (i) of c has formed, and the correction (ii) of c is ending. If the assumption is correct, after the end of the correction the pair will decrease to the level of 111.35. In this scenario, critical stop loss level is 114.22.
Main scenario
Short positions will become relevant during the correction, below the level of 114.22 with the target at 111.35. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 114.22 will let the pair grow to the level of 115.50.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 113.20
Take Profit 111.35
Stop Loss 114.22
Key Levels 111.35, 114.22, 115.50
Alternative scenario
Recommendation BUY STOP
Entry Point 114.30
Take Profit 115.50
Stop Loss 113.90
Key Levels 111.35, 114.22, 115.50
On the 4-hour chart, the local correction of the higher level develops as a wave 2 of (C). Now the wave c of 2 is forming, within which the wave of the lower level (i) of c has formed, and the correction (ii) of c is ending. If the assumption is correct, after the end of the correction the pair will decrease to the level of 111.35. In this scenario, critical stop loss level is 114.22.
Main scenario
Short positions will become relevant during the correction, below the level of 114.22 with the target at 111.35. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 114.22 will let the pair grow to the level of 115.50.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 113.20
Take Profit 111.35
Stop Loss 114.22
Key Levels 111.35, 114.22, 115.50
Alternative scenario
Recommendation BUY STOP
Entry Point 114.30
Take Profit 115.50
Stop Loss 113.90
Key Levels 111.35, 114.22, 115.50