The downward correction has ended, the growth of the pair is expected.
On the 4-hour chart, the upward trend within the first wave (1) of the higher level is developing. Now the formation of the fifth wave of the lower level v of 5 of (1), within which the entering momentum (i) of v has formed, has begun. If the assumption is correct, the price will grow to the level of 1.2650 after the correction (ii). The level of 1.2150 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2150 with the target at 1.2650.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2150 will let the pair grow to the level of 1.1915.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2311
Take Profit 1.2650
Stop Loss 1.2200
Key Levels 1.1915, 1.2150, 1.2650
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2140
Take Profit 1.1915
Stop Loss 1.2215
Key Levels 1.1915, 1.2150, 1.2650
On the 4-hour chart, the upward trend within the first wave (1) of the higher level is developing. Now the formation of the fifth wave of the lower level v of 5 of (1), within which the entering momentum (i) of v has formed, has begun. If the assumption is correct, the price will grow to the level of 1.2650 after the correction (ii). The level of 1.2150 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2150 with the target at 1.2650.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2150 will let the pair grow to the level of 1.1915.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2311
Take Profit 1.2650
Stop Loss 1.2200
Key Levels 1.1915, 1.2150, 1.2650
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2140
Take Profit 1.1915
Stop Loss 1.2215
Key Levels 1.1915, 1.2150, 1.2650