The pair can fall.
On the 4-hour chart, the downward correction of the higher level develops as a wave (2). Locally the wave C of (2) is forming, within which the wave of the lower level iii of C is developing as a momentum. If the assumption is correct, the pair will fall to the level of 1.2580. The level of 1.2830 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2830 with the target at 1.2580. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2830 will let the pair grow to the levels of 1.3059–1.3171.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2715
Take Profit 1.2580
Stop Loss 1.2830
Key Levels 1.2580, 1.2830, 1.3059, 1.3171
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2840
Take Profit 1.3059, 1.3171
Stop Loss 1.2770
Key Levels 1.2580, 1.2830, 1.3059, 1.3171
On the 4-hour chart, the downward correction of the higher level develops as a wave (2). Locally the wave C of (2) is forming, within which the wave of the lower level iii of C is developing as a momentum. If the assumption is correct, the pair will fall to the level of 1.2580. The level of 1.2830 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2830 with the target at 1.2580. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2830 will let the pair grow to the levels of 1.3059–1.3171.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2715
Take Profit 1.2580
Stop Loss 1.2830
Key Levels 1.2580, 1.2830, 1.3059, 1.3171
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2840
Take Profit 1.3059, 1.3171
Stop Loss 1.2770
Key Levels 1.2580, 1.2830, 1.3059, 1.3171