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The pair is in a correction, a fall is possible.
On the daily chart, the first wave of the higher level (1) of C develops, within which the third wave 3 of (1) forms. Now, the first wave of the lower level i of 3 developed, and a downward correction is forming as the second wave ii of 3, within which the wave (а) of ii has formed, and the wave (b) of ii is ending. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 106.74–105.76. In this scenario, critical stop loss level is 110.97.
Short positions will become relevant during the correction, below the level of 110.97 with the targets at 106.74–105.76. Implementation period: 7 days and more.
The breakout and the consolidation of the price above the level of 110.97 will let the pair grow to the levels of 112.22–113.62.
Timeframe: Weekly
Recommendation: Sell
Entry Point: 109.52
Take Profit: 106.74, 105.76
Stop Loss: 110.97
Key Levels: 105.76, 106.74, 110.97, 112.22, 113.62
Timeframe: Weekly
Recommendation: Buy Stop
Entry Point: 111.00
Take Profit: 112.22, 113.62
Stop Loss: 110.40
Key Levels: 105.76, 106.74, 110.97, 112.22, 113.62
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