The price may fall.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), within which the wave C of (2) ended. Now, the formation of the third wave of the higher level has started, within which the first wave of the lower level i of 1 of (3) has formed, and a downward correction is developing as the wave ii of 1. If the assumption is correct, the pair will fall to the levels of 1.2265–1.2196. In this scenario, critical stop loss level is 1.2578.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2578 with the targets at 1.2265–1.2196. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2578 will let the pair grow to the levels of 1.2704–1.2867.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2463
Take Profit 1.2265, 1.2196
Stop Loss 1.2578
Key Levels 1.2196, 1.2265, 1.2578, 1.2704, 1.2867
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2580
Take Profit 1.2704, 1.2867
Stop Loss 1.2520
Key Levels 1.2196, 1.2265, 1.2578, 1.2704, 1.2867
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), within which the wave C of (2) ended. Now, the formation of the third wave of the higher level has started, within which the first wave of the lower level i of 1 of (3) has formed, and a downward correction is developing as the wave ii of 1. If the assumption is correct, the pair will fall to the levels of 1.2265–1.2196. In this scenario, critical stop loss level is 1.2578.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2578 with the targets at 1.2265–1.2196. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2578 will let the pair grow to the levels of 1.2704–1.2867.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2463
Take Profit 1.2265, 1.2196
Stop Loss 1.2578
Key Levels 1.2196, 1.2265, 1.2578, 1.2704, 1.2867
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2580
Take Profit 1.2704, 1.2867
Stop Loss 1.2520
Key Levels 1.2196, 1.2265, 1.2578, 1.2704, 1.2867