Scenario

Timeframe - Weekly

Recommendation - SELL

Entry Point - 104.45

Take Profit - 100.60

Stop Loss - 105.40

Key Levels - 100.60, 105.01, 108.50, 111.37

Alternative scenario

Recommendation - BUY STOP

Entry Point - 105.10

Take Profit - 108.50, 111.37

Stop Loss - 104.20

Key Levels - 100.60, 105.01, 108.50, 111.37

Downward trend is strong.

A downward trend continues forming within which the fifth wave is probably developing. At present, a local correction as the fourth wave of the lower level (iv) of v seems to have finished, and if the assumption is correct, the pair continues falling towards 100.60. Critical for this scenario is the level of 106.33.

Trading tips

Sell the pair from corrections, below the level of 105.01 with the target at 100.60.

Alternative scenario

The breakout and consolidation above the level of 105.01 would allow the pair to grow to 108.50-111.37.