The pair can grow.
On the 4-hour chart, the upward trend within the first wave (1) of the higher level is developing. Now the fifth wave of the lower level v of 5 of (1), within which the third wave (iii) of v is developing, is forming. If the assumption is correct, the pair will grow to the level of 1.2650. The level of 1.2238 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2238 with the target at 1.2650.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2238 will let the pair go down to the level of 1.2150.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2316
Take Profit 1.2650
Stop Loss 1.2205
Key Levels 1.2150, 1.2238, 1.2650
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2230
Take Profit 1.2150
Stop Loss 1.2290
Key Levels 1.2150, 1.2238, 1.2650
On the 4-hour chart, the upward trend within the first wave (1) of the higher level is developing. Now the fifth wave of the lower level v of 5 of (1), within which the third wave (iii) of v is developing, is forming. If the assumption is correct, the pair will grow to the level of 1.2650. The level of 1.2238 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2238 with the target at 1.2650.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2238 will let the pair go down to the level of 1.2150.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2316
Take Profit 1.2650
Stop Loss 1.2205
Key Levels 1.2150, 1.2238, 1.2650
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2230
Take Profit 1.2150
Stop Loss 1.2290
Key Levels 1.2150, 1.2238, 1.2650