The pair can grow.
On the 4-hour chart, the downward correction of the higher level developed as a wave (2). Now the development of the third wave (3) has begun, within which the first wave of the lower level i of 1 of (3) is forming. If the assumption is correct, the pair will grow to the levels of 1.3213–1.3364. In this scenario, critical stop loss level is 1.2843.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2843 with the targets at 1.3213–1.3364. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2843 will let the pair go down to the levels of 1.2660–1.2580.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3019
Take Profit 1.3213, 1.3364
Stop Loss 1.2843
Key Levels 1.2580, 1.2660, 1.2843, 1.3213, 1.3364
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2840
Take Profit 1.2660, 1.2580
Stop Loss 1.2900
Key Levels 1.2580, 1.2660, 1.2843, 1.3213, 1.3364
On the 4-hour chart, the downward correction of the higher level developed as a wave (2). Now the development of the third wave (3) has begun, within which the first wave of the lower level i of 1 of (3) is forming. If the assumption is correct, the pair will grow to the levels of 1.3213–1.3364. In this scenario, critical stop loss level is 1.2843.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2843 with the targets at 1.3213–1.3364. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2843 will let the pair go down to the levels of 1.2660–1.2580.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3019
Take Profit 1.3213, 1.3364
Stop Loss 1.2843
Key Levels 1.2580, 1.2660, 1.2843, 1.3213, 1.3364
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2840
Take Profit 1.2660, 1.2580
Stop Loss 1.2900
Key Levels 1.2580, 1.2660, 1.2843, 1.3213, 1.3364