The pair may grow.
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave 1 of (3) forms as a wedge. Now the local correction of the lower level iv of 1 has developed. If the assumption is correct, the pair will grow within the wave v of 1 to the levels of 1.3429–1.3626. In this scenario, critical stop loss level is 1.2771.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2771 with the targets at 1.3429–1.3626. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2771 will let the pair go down to the levels of 1.2398–1.2168.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3186
Take Profit 1.3429, 1.3626
Stop Loss 1.3110
Key Levels 1.2168, 1.2398, 1.2771, 1.3429, 1.3626
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2765
Take Profit 1.2398, 1.2168
Stop Loss 1.2885
Key Levels 1.2168, 1.2398, 1.2771, 1.3429, 1.3626
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave 1 of (3) forms as a wedge. Now the local correction of the lower level iv of 1 has developed. If the assumption is correct, the pair will grow within the wave v of 1 to the levels of 1.3429–1.3626. In this scenario, critical stop loss level is 1.2771.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2771 with the targets at 1.3429–1.3626. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2771 will let the pair go down to the levels of 1.2398–1.2168.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3186
Take Profit 1.3429, 1.3626
Stop Loss 1.3110
Key Levels 1.2168, 1.2398, 1.2771, 1.3429, 1.3626
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2765
Take Profit 1.2398, 1.2168
Stop Loss 1.2885
Key Levels 1.2168, 1.2398, 1.2771, 1.3429, 1.3626