The growth of the pair has restored.
On the 4-hour chart, the horizontal correction is forming as a fourth wave iv of v within the first wave (1) of the higher level, which is taking the shape of a triangle. Now the wave (d) of iv of the lower level is developing. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.2560–1.2650. The level of 1.2214 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2214 with the targets at 1.2560–1.2650.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2214 will let the pair go down to the level of 1.2135.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2374
Take Profit 1.2560, 1.2650
Stop Loss 1.2310
Key Levels 1.2135, 1.2214, 1.2560, 1.2650
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2210
Take Profit 1.2135
Stop Loss 1.2270
Key Levels 1.2135, 1.2214, 1.2560, 1.2650
On the 4-hour chart, the horizontal correction is forming as a fourth wave iv of v within the first wave (1) of the higher level, which is taking the shape of a triangle. Now the wave (d) of iv of the lower level is developing. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.2560–1.2650. The level of 1.2214 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2214 with the targets at 1.2560–1.2650.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2214 will let the pair go down to the level of 1.2135.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2374
Take Profit 1.2560, 1.2650
Stop Loss 1.2310
Key Levels 1.2135, 1.2214, 1.2560, 1.2650
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2210
Take Profit 1.2135
Stop Loss 1.2270
Key Levels 1.2135, 1.2214, 1.2560, 1.2650