The pair may fall.
On the daily chart, the downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms as a momentum. Now, the fifth ending wave v of C is forming, within which the third wave of the lower level (iii) of v is forming. If the assumption is correct, the pair will fall to the levels of 1.2361–1.2241. In this scenario, critical stop loss level is 1.2736.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2736 with the targets at 1.2361–1.2241. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2736 will let the pair grow to the levels of 1.2972–1.3178.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2528
Take Profit 1.2361, 1.2241
Stop Loss 1.2590
Key Levels 1.2241, 1.2361, 1.2736, 1.2972, 1.3178
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2740
Take Profit 1.2972, 1.3178
Stop Loss 1.2660
Key Levels 1.2241, 1.2361, 1.2736, 1.2972, 1.3178
On the daily chart, the downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms as a momentum. Now, the fifth ending wave v of C is forming, within which the third wave of the lower level (iii) of v is forming. If the assumption is correct, the pair will fall to the levels of 1.2361–1.2241. In this scenario, critical stop loss level is 1.2736.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2736 with the targets at 1.2361–1.2241. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2736 will let the pair grow to the levels of 1.2972–1.3178.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2528
Take Profit 1.2361, 1.2241
Stop Loss 1.2590
Key Levels 1.2241, 1.2361, 1.2736, 1.2972, 1.3178
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2740
Take Profit 1.2972, 1.3178
Stop Loss 1.2660
Key Levels 1.2241, 1.2361, 1.2736, 1.2972, 1.3178