The pair can decrease.
On the 4-hour chart the upward momentum as a first wave (1) of the higher level, within which the fifth wave 5 has formed as a diagonal, has developed. At the moment the development of the downward correction (2), within which the entering momentum of the lower level (i) of a of (2) is developing, has begun. If the assumption is correct, the pair will fall to the levels of 1.1690–1.1610. The level of 1.2090 is critical for this scenario.
Trading tips
Short positions can be opened during the correction, below the level of 1.2090 with the targets at 1.1690–1.1610.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2090 will let the pair grow to the levels of 1.2200–1.2400.
On the 4-hour chart the upward momentum as a first wave (1) of the higher level, within which the fifth wave 5 has formed as a diagonal, has developed. At the moment the development of the downward correction (2), within which the entering momentum of the lower level (i) of a of (2) is developing, has begun. If the assumption is correct, the pair will fall to the levels of 1.1690–1.1610. The level of 1.2090 is critical for this scenario.
Trading tips
Short positions can be opened during the correction, below the level of 1.2090 with the targets at 1.1690–1.1610.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2090 will let the pair grow to the levels of 1.2200–1.2400.