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 development of the wave iii of C has begun. If the assumption is correct, the pair may fall to the levels of 1.2800–1.2580. The level of 1.3175 is critical and stop loss for this scenario.
Main scenario
Short positions may become relevant during the correction, below the level of 1.3175 with the targets at 1.2800–1.2580. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3175 may let the pair grow to the level of 1.3367.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3097
Take Profit 1.2800–1.2580
Stop Loss 1.3175
Key Levels 1.2580, 1.2800, 1.3175, 1.3367
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3180
Take Profit 1.3367
Stop Loss 1.3120
Key Levels 1.2580, 1.2800, 1.3175, 1.3367
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 development of the wave iii of C has begun. If the assumption is correct, the pair may fall to the levels of 1.2800–1.2580. The level of 1.3175 is critical and stop loss for this scenario.
Main scenario
Short positions may become relevant during the correction, below the level of 1.3175 with the targets at 1.2800–1.2580. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3175 may let the pair grow to the level of 1.3367.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3097
Take Profit 1.2800–1.2580
Stop Loss 1.3175
Key Levels 1.2580, 1.2800, 1.3175, 1.3367
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3180
Take Profit 1.3367
Stop Loss 1.3120
Key Levels 1.2580, 1.2800, 1.3175, 1.3367