The pair is in a correction and can grow.
On the 4-hour chart, the upward trend is developing within the first wave (1) of the higher level. Now the fifth wave of the lower level v of 5 of (1) is forming, within which the entering momentum has formed as a wave (i) of v, and the correction (ii) is ending. If the assumption is correct, the pair will grow to the level of 1.2650 after the end of correction. The level of 1.2152 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.2152 with the target at 1.2650.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2152 will let the pair go down to the level of 1.1915.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2316
Take Profit 1.2650
Stop Loss 1.2205
Key Levels 1.1915, 1.2152, 1.2650
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2145
Take Profit 1.1915
Stop Loss 1.2220
Key Levels 1.1915, 1.2152, 1.2650
On the 4-hour chart, the upward trend is developing within the first wave (1) of the higher level. Now the fifth wave of the lower level v of 5 of (1) is forming, within which the entering momentum has formed as a wave (i) of v, and the correction (ii) is ending. If the assumption is correct, the pair will grow to the level of 1.2650 after the end of correction. The level of 1.2152 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.2152 with the target at 1.2650.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2152 will let the pair go down to the level of 1.1915.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2316
Take Profit 1.2650
Stop Loss 1.2205
Key Levels 1.1915, 1.2152, 1.2650
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2145
Take Profit 1.1915
Stop Loss 1.2220
Key Levels 1.1915, 1.2152, 1.2650