The pair can fall.
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave C of (2) is forming, within which the fourth wave of the lower level iv of C is ending. If the assumption is correct, the pair will fall within the fifth wave v of C to the levels of 1.3011–1.2926. The level of 1.3316 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3316 with the targets at 1.3011–1.2926. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3316 will let the pair grow to the levels of 1.3476–1.3645.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3221
Take Profit 1.3011, 1.2926
Stop Loss 1.3316
Key Levels 1.2926, 1.3011, 1.3316, 1.3476, 1.3645
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3320
Take Profit 1.3476, 1.3645
Stop Loss 1.3268
Key Levels 1.2926, 1.3011, 1.3316, 1.3476, 1.3645
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave C of (2) is forming, within which the fourth wave of the lower level iv of C is ending. If the assumption is correct, the pair will fall within the fifth wave v of C to the levels of 1.3011–1.2926. The level of 1.3316 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3316 with the targets at 1.3011–1.2926. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3316 will let the pair grow to the levels of 1.3476–1.3645.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3221
Take Profit 1.3011, 1.2926
Stop Loss 1.3316
Key Levels 1.2926, 1.3011, 1.3316, 1.3476, 1.3645
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3320
Take Profit 1.3476, 1.3645
Stop Loss 1.3268
Key Levels 1.2926, 1.3011, 1.3316, 1.3476, 1.3645