On the 4-hour chart, an uptrend is forming. The instrument left the sideways corridor formed by the boundaries of Bollinger bands, breaking out its upper border. The price range has expanded, which indicates the likely preservation of upward dynamics in the short term.
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14.10.2019 - 08.10.2019
On the 4-hour chart, the pair is trading in the lower Bollinger band. The price remains on the level with the EMA14, EMA65 and EMA130, and above the SMA200 which is directed up. The RSI is about to test from below its longer MA. The Composite is breaking out its longer MA, having formed a Bullish divergence with the price.
The pair may grow.
On the 4-hour chart, the third wave of the higher level (3) develops, within which a correction ended as the wave ii of 1 of (3). Now, the wave iii of 1 is developing, within which the local correction (ii) of iii has ended, and the third wave (iii) of iii is forming. If the assumption is correct, the pair will grow to the levels of 1.3450–1.3564. In this scenario, critical stop loss level is 1.3205.
The pair may grow.
On the 4-hour chart, the first wave 1 within the started wave (C) of the higher level develops. Now, the first wave of the lower level i of 1 of (C) has formed, and the local correction ii of 1 has ended, which has reached the correctional the level of 50%. If the assumption is correct, the pair will grow to the levels of 109.35–112.32. In this scenario, critical stop loss level is 106.44.
On the 4-hour chart, the price tests 1504.60 (correction of 61.8%), however, it still cannot breakout it since the downward oncoming fan is exerting pressure on the quotes. After the breakout of the fan and consolidation above 1515.00 (correction 76.4%), the price may grow to 1531.00 (correction 100.0%). Otherwise, the decline will resume to 1488.50 (correction 38.2%), 1478.50 (correction 23.6%) and 1462.00 (correction 0.0%). Technical indicators generally reflect the possibility of short-term growth. The MACD histogram is increasing in the positive zone. Stochastic is pointing upwards.
On the H4 chart, the instrument consolidated above the moving average of Bollinger Bands. The indicator is reversing sideways and the price range has reduced, which indicates the change of the uptrend. MACD histogram is in the positive zone keeping a weak buy signal. Stochastic is approaching the overbought area; a strong sell signal can be formed during 1-2 days.