The pair may grow.
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave i of 1 of (3) formed. Now a local correction has developed as the wave ii of 1, and the formation of the wave iii of 1 is beginning. If the assumption is correct, the pair will grow to the levels of 1.3212–1.3390. In this scenario, critical stop loss level is 1.2773.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2773 with the targets at 1.3212–1.3390. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2773 will let the pair go down to the levels of 1.2710–1.2650.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2901
Take Profit 1.3212, 1.3390
Stop Loss 1.2773
Key Levels 1.2650, 1.2710, 1.2773, 1.3212, 1.3390
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2770
Take Profit 1.2710, 1.2650
Stop Loss 1.2800
Key Levels 1.2650, 1.2710, 1.2773, 1.3212, 1.3390
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave i of 1 of (3) formed. Now a local correction has developed as the wave ii of 1, and the formation of the wave iii of 1 is beginning. If the assumption is correct, the pair will grow to the levels of 1.3212–1.3390. In this scenario, critical stop loss level is 1.2773.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2773 with the targets at 1.3212–1.3390. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2773 will let the pair go down to the levels of 1.2710–1.2650.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2901
Take Profit 1.3212, 1.3390
Stop Loss 1.2773
Key Levels 1.2650, 1.2710, 1.2773, 1.3212, 1.3390
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2770
Take Profit 1.2710, 1.2650
Stop Loss 1.2800
Key Levels 1.2650, 1.2710, 1.2773, 1.3212, 1.3390