The pair may grow.
On the daily chart, an upward trend forms as the wave of the higher level C of (B), within which the local correction iv of C ended. Now, the formation of the fifth wave v of C has started, within which the first wave of the lower level (i) of v is developing. If the assumption is correct, the pair will grow to the levels of 1517.74–1557.48. In this scenario, critical stop loss level is 1449.75.
Main scenario
Long positions will become relevant during the correction, above the level of 1449.75 with the targets at 1517.74–1557.48. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1449.75 will let the pair go down to the levels of 1430.00–1412.74.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1476.86
Take Profit 1517.74, 1557.48
Stop Loss 1449.75
Key Levels 1412.74, 1430.00, 1449.75, 1517.74, 1557.48
Alternative scenario
Recommendation SELL STOP
Entry Point 1449.70
Take Profit 1430.00, 1412.74
Stop Loss 1456.30
Key Levels 1412.74, 1430.00, 1449.75, 1517.74, 1557.48
On the daily chart, an upward trend forms as the wave of the higher level C of (B), within which the local correction iv of C ended. Now, the formation of the fifth wave v of C has started, within which the first wave of the lower level (i) of v is developing. If the assumption is correct, the pair will grow to the levels of 1517.74–1557.48. In this scenario, critical stop loss level is 1449.75.
Main scenario
Long positions will become relevant during the correction, above the level of 1449.75 with the targets at 1517.74–1557.48. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1449.75 will let the pair go down to the levels of 1430.00–1412.74.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1476.86
Take Profit 1517.74, 1557.48
Stop Loss 1449.75
Key Levels 1412.74, 1430.00, 1449.75, 1517.74, 1557.48
Alternative scenario
Recommendation SELL STOP
Entry Point 1449.70
Take Profit 1430.00, 1412.74
Stop Loss 1456.30
Key Levels 1412.74, 1430.00, 1449.75, 1517.74, 1557.48