On Monday, the pair made another attempt to break above the reversing level of 18.35 ([6/8]), but again failed and returned to the central Murrey channel. Currently, quotes are testing the central level of 17.96 ([4/8]), the breakdown of which will give the prospect of further downward correction to 17.73 ([3/8], the lower line of Bollinger Bands) and 17.57 ([2/8]).
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The price may grow.
On the 4-hour chart, an upward correction of the higher level develops as the wave (B), within which the fifth wave v of C of (B) forms. Now, the fifth wave of the lower level (v) of v is developing, within which a local correction has ended as the wave iv of (v), and the development of the wave v of (v) has started. If the assumption is correct, the price will grow to the levels of 1810.00–1830.00. In this scenario, critical stop loss level is 1756.26.
The pair may grow.
On the 4-hour chart, the first wave of the higher level 1 of (1) of C develops, within which the wave v of 1 forms. Now, the third wave of the lower level (iii) of v developed, and a local correction is forming as the wave (iv) of v. If the assumption is correct, after the end of the correction, the price will grow to the levels of 18.92–20.00. In this scenario, critical stop loss level is 17.34.