The upward trend is developing.
On the 4-hour chart the fifth wave 5 of (1) of the higher level is developing. Locally the upward momentum is forming within the wave iii of 5. If the assumption is correct, the pair will grow to the levels of 1.4400–1.4500. The level of 1.4179 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.4179 with the targets at 1.4400–1.4500.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.4179 will let the pair go down to the level of 1.3913.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.4262
Take Profit 1.4400, 1.4500
Stop Loss 1.4200
Key Levels 1.3913, 1.4179, 1.4400, 1.4500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.4170
Take Profit 1.3913
Stop Loss 1.4255
Key Levels 1.3913, 1.4179, 1.4400, 1.4500
On the 4-hour chart the fifth wave 5 of (1) of the higher level is developing. Locally the upward momentum is forming within the wave iii of 5. If the assumption is correct, the pair will grow to the levels of 1.4400–1.4500. The level of 1.4179 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.4179 with the targets at 1.4400–1.4500.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.4179 will let the pair go down to the level of 1.3913.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.4262
Take Profit 1.4400, 1.4500
Stop Loss 1.4200
Key Levels 1.3913, 1.4179, 1.4400, 1.4500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.4170
Take Profit 1.3913
Stop Loss 1.4255
Key Levels 1.3913, 1.4179, 1.4400, 1.4500