The pair is in a correction, the fall is possible.
On the 4-hour chart, the downward correction of the higher level is forming as a wave (2), within which the wave A of (2) id developing. Now the third wave of the lower level iii of A is forming, within which the upward correction (iv) of iii is developing. If the assumption is correct, after the end of the correction the pair will fall to the level of 1.1700. The level of 1.2047 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant after the end of the correction below the level of 1.2047 with the target at 1.1700. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2047 will let the pair grow to the levels of 1.2120–1.2190.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1923
Take Profit 1.1700
Stop Loss 1.2047
Key Levels 1.1700, 1.2047, 1.2120, 1.2190
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2055
Take Profit 1.2120, 1.2190
Stop Loss 1.2000
Key Levels 1.1700, 1.2047, 1.2120, 1.2190
On the 4-hour chart, the downward correction of the higher level is forming as a wave (2), within which the wave A of (2) id developing. Now the third wave of the lower level iii of A is forming, within which the upward correction (iv) of iii is developing. If the assumption is correct, after the end of the correction the pair will fall to the level of 1.1700. The level of 1.2047 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant after the end of the correction below the level of 1.2047 with the target at 1.1700. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2047 will let the pair grow to the levels of 1.2120–1.2190.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1923
Take Profit 1.1700
Stop Loss 1.2047
Key Levels 1.1700, 1.2047, 1.2120, 1.2190
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2055
Take Profit 1.2120, 1.2190
Stop Loss 1.2000
Key Levels 1.1700, 1.2047, 1.2120, 1.2190