The pair may grow.
On the daily chart, a downward correction of the higher level developed as the wave (2), and the formation of the third wave (3) started. Now, the first wave 1 of (3) is forming, within which the wave iii of 1 is developing. If the assumption is correct, the pair will grow to the levels of 1.2961–1.3167. In this scenario, critical stop loss level is 1.2425.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2425 with the targets at 1.2961–1.3167. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2425 will let the pair go down to the levels of 1.2197–1.1957.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2775
Take Profit 1.2961, 1.3167
Stop Loss 1.2625
Key Levels 1.1957, 1.2197, 1.2425, 1.2961, 1.3167
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2420
Take Profit 1.2197, 1.1957
Stop Loss 1.2495
Key Levels 1.1957, 1.2197, 1.2425, 1.2961, 1.3167
On the daily chart, a downward correction of the higher level developed as the wave (2), and the formation of the third wave (3) started. Now, the first wave 1 of (3) is forming, within which the wave iii of 1 is developing. If the assumption is correct, the pair will grow to the levels of 1.2961–1.3167. In this scenario, critical stop loss level is 1.2425.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2425 with the targets at 1.2961–1.3167. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2425 will let the pair go down to the levels of 1.2197–1.1957.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2775
Take Profit 1.2961, 1.3167
Stop Loss 1.2625
Key Levels 1.1957, 1.2197, 1.2425, 1.2961, 1.3167
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2420
Take Profit 1.2197, 1.1957
Stop Loss 1.2495
Key Levels 1.1957, 1.2197, 1.2425, 1.2961, 1.3167