The pair may grow.
On the 4-hour chart, the first wave of the higher level 1 of (3) formed as a wedge, and a downward correction developed as the wave 2 of (3). Now, the development of the third wave 3 of (3) has begun, within which the first entry wave of the lower level (i) of i of 3 has formed, and the development of the local correction (ii) of i of 3 is ending. If the assumption is correct, after the end of correction, the pair will grow to the levels of 1.3271–1.3377. In this scenario, critical stop loss level is 1.2867.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2867 with the targets at 1.3271–1.3377. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2867 will let the pair go down to the levels of 1.2773–1.2400.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2950
Take Profit 1.3271, 1.3377
Stop Loss 1.2867
Key Levels 1.2400, 1.2773, 1.2867, 1.3271, 1.3377
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2860
Take Profit 1.2773, 1.2400
Stop Loss 1.2920
Key Levels 1.2400, 1.2773, 1.2867, 1.3271, 1.3377
On the 4-hour chart, the first wave of the higher level 1 of (3) formed as a wedge, and a downward correction developed as the wave 2 of (3). Now, the development of the third wave 3 of (3) has begun, within which the first entry wave of the lower level (i) of i of 3 has formed, and the development of the local correction (ii) of i of 3 is ending. If the assumption is correct, after the end of correction, the pair will grow to the levels of 1.3271–1.3377. In this scenario, critical stop loss level is 1.2867.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2867 with the targets at 1.3271–1.3377. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2867 will let the pair go down to the levels of 1.2773–1.2400.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2950
Take Profit 1.3271, 1.3377
Stop Loss 1.2867
Key Levels 1.2400, 1.2773, 1.2867, 1.3271, 1.3377
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2860
Take Profit 1.2773, 1.2400
Stop Loss 1.2920
Key Levels 1.2400, 1.2773, 1.2867, 1.3271, 1.3377