The pair can grow.
On the 4-hour chart the fifth wave 5 is forming as a diagonal triangle within the first wave 1 of the higher level. At the moment the fifth wave v of 5 is forming, within which the wave (c) of v is developing. If the assumption is correct, the price will grow to the level of 1.2400. The level of 1.2167 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2167 with the target at 1.2400.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2167 will let the pair go down to the levels of 1.2070–1.1918.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2221
Take Profit 1.2400
Stop Loss 1.2160
Key Levels 1.1918, 1.2070, 1.2400, 1.2167
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2160
Take Profit 1.2070, 1.1918
Stop Loss 1.2220
Key Levels 1.1918, 1.2070, 1.2400, 1.2167
On the 4-hour chart the fifth wave 5 is forming as a diagonal triangle within the first wave 1 of the higher level. At the moment the fifth wave v of 5 is forming, within which the wave (c) of v is developing. If the assumption is correct, the price will grow to the level of 1.2400. The level of 1.2167 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2167 with the target at 1.2400.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2167 will let the pair go down to the levels of 1.2070–1.1918.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2221
Take Profit 1.2400
Stop Loss 1.2160
Key Levels 1.1918, 1.2070, 1.2400, 1.2167
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2160
Take Profit 1.2070, 1.1918
Stop Loss 1.2220
Key Levels 1.1918, 1.2070, 1.2400, 1.2167