On the 4-hour chart, a downward correction of the higher level developed as the wave 2, within which the fifth wave 5 of (C) of 2 formed as a zigzag. Now, the development of the third wave of the higher level 3 is beginning, within which the entry momentum of the lower level (i) of i of 1 has formed. If the assumption is correct, the pair will grow to the levels of 1.1163–1.1249. In this scenario, critical stop loss level is 1.0922.
Main scenario
Long positions will become relevant during the correction, above the level of 1.0922 with the targets at 1.1163–1.1249. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0922 will let the pair go down to the levels of 1.0850–1.0800.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 1.1024 Take Profit 1.1163, 1.1249 Stop Loss 1.0922 Key Levels 1.0800, 1.0850, 1.0922, 1.1163, 1.1249
Alternative scenario
Recommendation SELL STOP Entry Point 1.0915 Take Profit 1.0850, 1.0800 Stop Loss 1.0945 Key Levels 1.0800, 1.0850, 1.0922, 1.1163, 1.1249