The pair can fall.
On the daily chart, the downward correction of the higher level is developing as a wave (B). Now the “bearish” momentum is developing within the wave C of (B), within which the third wave iii of C of the lower level is ending. If the assumption is correct, the pair will fall to the levels of 103.50–102.50 after the corrections iv of C. The level of 108.20 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the correction below the level of 108.20 with the targets at 103.50–102.50.
Alternative scenario
The breakout and the consolidation of the price above the level of 108.20 will let the pair grow to the level of 113.40.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 105.73
Take Profit 103.50, 102.50
Stop Loss 106.50
Key Levels 102.50, 103.50, 108.20, 113.40
Alternative scenario
Recommendation BUY STOP
Entry Point 108.30
Take Profit 113.40
Stop Loss 106.60
Key Levels 102.50, 103.50, 108.20, 113.40
On the daily chart, the downward correction of the higher level is developing as a wave (B). Now the “bearish” momentum is developing within the wave C of (B), within which the third wave iii of C of the lower level is ending. If the assumption is correct, the pair will fall to the levels of 103.50–102.50 after the corrections iv of C. The level of 108.20 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the correction below the level of 108.20 with the targets at 103.50–102.50.
Alternative scenario
The breakout and the consolidation of the price above the level of 108.20 will let the pair grow to the level of 113.40.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 105.73
Take Profit 103.50, 102.50
Stop Loss 106.50
Key Levels 102.50, 103.50, 108.20, 113.40
Alternative scenario
Recommendation BUY STOP
Entry Point 108.30
Take Profit 113.40
Stop Loss 106.60
Key Levels 102.50, 103.50, 108.20, 113.40