The trend is upward.
The wave C of the higher level, within which the development of the third wave iii has begun, is forming. At the moment the first wave of the lower level (i) of iii has formed, and the local correction (ii) has ended. If the assumption is correct, the price will grow to the levels of 114.30–116.00 within the wave (iii). The level of 111.46 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 111.46 with the targets at 114.30–116.00.
Alternative scenario
The breakdown and the consolidation of the price below the level of 111.46 will let the pair go down to the levels of 110.00–109.35.
The wave C of the higher level, within which the development of the third wave iii has begun, is forming. At the moment the first wave of the lower level (i) of iii has formed, and the local correction (ii) has ended. If the assumption is correct, the price will grow to the levels of 114.30–116.00 within the wave (iii). The level of 111.46 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 111.46 with the targets at 114.30–116.00.
Alternative scenario
The breakdown and the consolidation of the price below the level of 111.46 will let the pair go down to the levels of 110.00–109.35.