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) has formed, and a local correction has developed as the wave ii of 1. Now the wave iii of 1 is forming, within which the local correction (iv) of iii has formed. If the assumption is correct, the pair will grow to the levels of 1.3390–1.3626. In this scenario, critical stop loss level is 1.3105.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3105 with the targets at 1.3390–1.3626. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3105 will let the pair go down to the levels of 1.2967–1.2901.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3232
Take Profit 1.3390, 1.3626
Stop Loss 1.3105
Key Levels 1.2901, 1.2967, 1.3105, 1.3390, 1.3626
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3100
Take Profit 1.2967, 1.2901
Stop Loss 1.3160
Key Levels 1.2901, 1.2967, 1.3105, 1.3390, 1.3626
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave i of 1 of (3) has formed, and a local correction has developed as the wave ii of 1. Now the wave iii of 1 is forming, within which the local correction (iv) of iii has formed. If the assumption is correct, the pair will grow to the levels of 1.3390–1.3626. In this scenario, critical stop loss level is 1.3105.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3105 with the targets at 1.3390–1.3626. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3105 will let the pair go down to the levels of 1.2967–1.2901.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3232
Take Profit 1.3390, 1.3626
Stop Loss 1.3105
Key Levels 1.2901, 1.2967, 1.3105, 1.3390, 1.3626
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3100
Take Profit 1.2967, 1.2901
Stop Loss 1.3160
Key Levels 1.2901, 1.2967, 1.3105, 1.3390, 1.3626