The correction is completed; there is a probability of growth of the pair.
On the 4-hour chart, the first wave of the higher level 1 of (3) in the form of a wedge is formed and the development of the downward correction as the wave 2 of (3) has completed. At the moment, the formation of the third wave 3 of (3) has begun, which includes the first entry wave of the lower level i of 3. If the assumption is right, the growth of the pair will continue to the levels of 1.3271–1.3377. The level of 1.2865 is critical and stop loss for this scenario.
Main scenario
Long positions are relevant from the corrections above level of 1.2865 with targets at 1.3271–1.3377. Implementation time: 7 days and more.
Alternative scenario
Breaking through the level of 1.2865 and consolidation below it will allow the pair to continue reduction to the levels of 1.2773–1.2400.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3038
Take Profit 1.3271, 1.3377
Stop Loss 1.2865
Key Levels 1.2400, 1.2773, 1.2865, 1.3271, 1.3377
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2860
Take Profit 1.2773, 1.2400
Stop Loss 1.2920
Key Levels 1.2400, 1.2773, 1.2865, 1.3271, 1.3377
On the 4-hour chart, the first wave of the higher level 1 of (3) in the form of a wedge is formed and the development of the downward correction as the wave 2 of (3) has completed. At the moment, the formation of the third wave 3 of (3) has begun, which includes the first entry wave of the lower level i of 3. If the assumption is right, the growth of the pair will continue to the levels of 1.3271–1.3377. The level of 1.2865 is critical and stop loss for this scenario.
Main scenario
Long positions are relevant from the corrections above level of 1.2865 with targets at 1.3271–1.3377. Implementation time: 7 days and more.
Alternative scenario
Breaking through the level of 1.2865 and consolidation below it will allow the pair to continue reduction to the levels of 1.2773–1.2400.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3038
Take Profit 1.3271, 1.3377
Stop Loss 1.2865
Key Levels 1.2400, 1.2773, 1.2865, 1.3271, 1.3377
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2860
Take Profit 1.2773, 1.2400
Stop Loss 1.2920
Key Levels 1.2400, 1.2773, 1.2865, 1.3271, 1.3377