The pair may grow.
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave 1 of (3) develops as a wedge. Now the fifth wave of the lower level v of 1 is forming. If the assumption is correct, the pair will grow to the levels of 1.3429–1.3626. In this scenario, critical stop loss level is 1.3003.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3003 with the targets at 1.3429–1.3626. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3003 will let the pair go down to the levels of 1.2771–1.2398.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3246
Take Profit 1.3429, 1.3626
Stop Loss 1.3075
Key Levels 1.2398, 1.2771, 1.3003, 1.3429, 1.3626
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2995
Take Profit 1.2771, 1.2398
Stop Loss 1.3070
Key Levels 1.2398, 1.2771, 1.3003, 1.3429, 1.3626
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave 1 of (3) develops as a wedge. Now the fifth wave of the lower level v of 1 is forming. If the assumption is correct, the pair will grow to the levels of 1.3429–1.3626. In this scenario, critical stop loss level is 1.3003.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3003 with the targets at 1.3429–1.3626. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3003 will let the pair go down to the levels of 1.2771–1.2398.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3246
Take Profit 1.3429, 1.3626
Stop Loss 1.3075
Key Levels 1.2398, 1.2771, 1.3003, 1.3429, 1.3626
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2995
Take Profit 1.2771, 1.2398
Stop Loss 1.3070
Key Levels 1.2398, 1.2771, 1.3003, 1.3429, 1.3626