The pair can decrease.
On the 4-hour chart, the downward correction is developing as a fourth wave iv of 5 within the first wave (1) of the higher level. Locally the ending wave (c) of iv is forming. If the assumption is correct, the pair will fall to the levels of 1.3680–1.3530. The level of 1.4068 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.4068 with the targets at 1.3680–1.3530.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.4068 will let the pair grow to the levels of 1.4280–1.4348.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3890
Take Profit 1.3680, 1.3530
Stop Loss 1.3960
Key Levels 1.3530, 1.3680, 1.4068, 1.4280, 1.4348
Alternative scenario
Recommendation BUY STOP
Entry Point 1.4075
Take Profit 1.4280, 1.4348
Stop Loss 1.4005
Key Levels 1.3530, 1.3680, 1.4068, 1.4280, 1.4348
On the 4-hour chart, the downward correction is developing as a fourth wave iv of 5 within the first wave (1) of the higher level. Locally the ending wave (c) of iv is forming. If the assumption is correct, the pair will fall to the levels of 1.3680–1.3530. The level of 1.4068 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.4068 with the targets at 1.3680–1.3530.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.4068 will let the pair grow to the levels of 1.4280–1.4348.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3890
Take Profit 1.3680, 1.3530
Stop Loss 1.3960
Key Levels 1.3530, 1.3680, 1.4068, 1.4280, 1.4348
Alternative scenario
Recommendation BUY STOP
Entry Point 1.4075
Take Profit 1.4280, 1.4348
Stop Loss 1.4005
Key Levels 1.3530, 1.3680, 1.4068, 1.4280, 1.4348