On the 4-hour chart, the downward momentum of the higher level is forming as a wave A of (2). Now the upward correction is developing as a fourth wave iv of A, within which the wave (a) of iv has formed, and the wave (b) of iv has ended. If the assumption is correct, the pair will grow to the level of 1.1884 within the wave (c) of iv. The level of 1.1508 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.1508 with the target at 1.1884. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.1508 will let the pair go down to the levels of 1.1438–1.1176.
Trade
Scenario
Timeframe Intraday Recommendation BUY STOP Entry Point 1.1574 Take Profit 1.1884 Stop Loss 1.1508 Key Levels 1.1176, 1.1438, 1.1508, 1.1884
Alternative scenario
Recommendation SELL STOP Entry Point 1.1500 Take Profit 1.1438, 1.1176 Stop Loss 1.1560 Key Levels 1.1176, 1.1438, 1.1508, 1.1884