The trend is upward.
On the 4-hour chart the fifth wave 5 of the higher level is forming. At the moment the downward correction ii of 5, shaped as a zigzag (a)(b)(c), has ended, and the development the third wave iii of 5 has began. If the assumption is correct, the pair will grow to the levels of 1.3150–1.3350. The level of 1.2800 is critical for this scenario.
Main scenario
Long positions can be opened during the correction, above the level of 1.2800 with the targets at 1.3150–1.3350.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2800 will let the pair go down to the levels of 1.2600–1.2550.
On the 4-hour chart the fifth wave 5 of the higher level is forming. At the moment the downward correction ii of 5, shaped as a zigzag (a)(b)(c), has ended, and the development the third wave iii of 5 has began. If the assumption is correct, the pair will grow to the levels of 1.3150–1.3350. The level of 1.2800 is critical for this scenario.
Main scenario
Long positions can be opened during the correction, above the level of 1.2800 with the targets at 1.3150–1.3350.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2800 will let the pair go down to the levels of 1.2600–1.2550.