The pair may decrease.
On the 4-hour chart, the downward correction of the higher level develops as a wave 2. Now the wave C of 2 is developing, within which the fifth wave of the lower level v of C is forming. If the assumption is correct, the pair will fall to the level of 1.2600. In this scenario, critical stop loss level is 1.2850.
Short positions will become relevant during the correction, below the level of 1.2850 with the target at 1.2600. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2850 will let the pair grow to the level of 1.3305.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2782
Take Profit 1.2600
Stop Loss 1.2850
Key Levels 1.2600, 1.2850, 1.3305
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2855
Take Profit 1.3305
Stop Loss 1.2700
Key Levels 1.2600, 1.2850, 1.3305
On the 4-hour chart, the downward correction of the higher level develops as a wave 2. Now the wave C of 2 is developing, within which the fifth wave of the lower level v of C is forming. If the assumption is correct, the pair will fall to the level of 1.2600. In this scenario, critical stop loss level is 1.2850.
Short positions will become relevant during the correction, below the level of 1.2850 with the target at 1.2600. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2850 will let the pair grow to the level of 1.3305.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2782
Take Profit 1.2600
Stop Loss 1.2850
Key Levels 1.2600, 1.2850, 1.3305
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2855
Take Profit 1.3305
Stop Loss 1.2700
Key Levels 1.2600, 1.2850, 1.3305