The pair is falling.
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave C of (2) is forming, within which the third wave of the lower level iii of C is developing. If the assumption is correct, the pair will fall to the levels of 1.3040–1.2926. The level of 1.3217 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3217 with the targets at 1.3040–1.2926. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3217 will let the pair grow to the level of 1.3448.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3147
Take Profit 1.3040, 1.2926
Stop Loss 1.3217
Key Levels 1.2926, 1.3040, 1.3217, 1.3448
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3220
Take Profit 1.3448
Stop Loss 1.3145
Key Levels 1.2926, 1.3040, 1.3217, 1.3448
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave C of (2) is forming, within which the third wave of the lower level iii of C is developing. If the assumption is correct, the pair will fall to the levels of 1.3040–1.2926. The level of 1.3217 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3217 with the targets at 1.3040–1.2926. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3217 will let the pair grow to the level of 1.3448.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3147
Take Profit 1.3040, 1.2926
Stop Loss 1.3217
Key Levels 1.2926, 1.3040, 1.3217, 1.3448
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3220
Take Profit 1.3448
Stop Loss 1.3145
Key Levels 1.2926, 1.3040, 1.3217, 1.3448