On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave i of 1 of (3) formed. Now a local correction has developed as the wave ii of 1, and the formation of the wave iii of 1 is beginning. If the assumption is correct, the pair will grow to the levels of 1.3212–1.3390. In this scenario, critical stop loss level is 1.2773.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2773 with the targets at 1.3212–1.3390. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2773 will let the pair go down to the levels of 1.2710–1.2650.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 1.2901 Take Profit 1.3212, 1.3390 Stop Loss 1.2773 Key Levels 1.2650, 1.2710, 1.2773, 1.3212, 1.3390
Alternative scenario
Recommendation SELL STOP Entry Point 1.2770 Take Profit 1.2710, 1.2650 Stop Loss 1.2800 Key Levels 1.2650, 1.2710, 1.2773, 1.3212, 1.3390