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. Now, the fifth wave v of C is developing, within which the third wave of the lower level (iii) of v is ending. If the assumption is correct, after the correction (iv) of v the pair will fall to the levels of 1.2000–1.1900. In this scenario, critical stop loss level is 1.2326.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2326 with the targets at 1.2000–1.1900. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2326 will let the pair grow to the levels of 1.2554–1.2781.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2120
Take Profit 1.2000, 1.1900
Stop Loss 1.2180
Key Levels 1.1900, 1.2000, 1.2326, 1.2554, 1.2781
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2320
Take Profit 1.2554, 1.2781
Stop Loss 1.2240
Key Levels 1.1900, 1.2000, 1.2326, 1.2554, 1.2781
On the daily chart, the downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now, the fifth wave v of C is developing, within which the third wave of the lower level (iii) of v is ending. If the assumption is correct, after the correction (iv) of v the pair will fall to the levels of 1.2000–1.1900. In this scenario, critical stop loss level is 1.2326.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2326 with the targets at 1.2000–1.1900. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2326 will let the pair grow to the levels of 1.2554–1.2781.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2120
Take Profit 1.2000, 1.1900
Stop Loss 1.2180
Key Levels 1.1900, 1.2000, 1.2326, 1.2554, 1.2781
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2320
Take Profit 1.2554, 1.2781
Stop Loss 1.2240
Key Levels 1.1900, 1.2000, 1.2326, 1.2554, 1.2781