The pair can grow.
On the 4-hour chart, the fifth wave v of 5 is forming within the first wave (1) of the higher level. Locally the development of the third wave of the lower level (iii) of v has ended, and the downward correction (iv) of v is forming. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.4465–1.4570. The level of 1.3970 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3970 with the targets at 1.4465–1.4570.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3970 will let the pair go down to the level of 1.3705.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.4198
Take Profit 1.4465, 1.4570
Stop Loss 1.4110
Key Levels 1.3705, 1.3970, 1.4465, 1.4570
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3960
Take Profit 1.3705
Stop Loss 1.4045
Key Levels 1.3705, 1.3970, 1.4465, 1.4570
On the 4-hour chart, the fifth wave v of 5 is forming within the first wave (1) of the higher level. Locally the development of the third wave of the lower level (iii) of v has ended, and the downward correction (iv) of v is forming. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.4465–1.4570. The level of 1.3970 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3970 with the targets at 1.4465–1.4570.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3970 will let the pair go down to the level of 1.3705.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.4198
Take Profit 1.4465, 1.4570
Stop Loss 1.4110
Key Levels 1.3705, 1.3970, 1.4465, 1.4570
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3960
Take Profit 1.3705
Stop Loss 1.4045
Key Levels 1.3705, 1.3970, 1.4465, 1.4570