The pair may grow.
On the 4-hour chart, the correction of the higher level develops as a wave B of 2, which takes a shape of a flat. Now the wave c of B is developing, within which the local correction (ii) of c has ended, and the formation of the wave (iii) of c has begun. If the assumption is correct, the pair will grow to the levels of 1.3305–1.3510. In this scenario, critical stop loss level is 1.2828.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2828 with the targets at 1.3305–1.3510. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2828 will let the pair go down to the levels of 1.2700–1.2550.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3021
Take Profit 1.3305, 1.3510
Stop Loss 1.2828
Key Levels 1.2550, 1.2700, 1.2828, 1.3305, 1.3510
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2820
Take Profit 1.2700, 1.2550
Stop Loss 1.2880
Key Levels 1.2550, 1.2700, 1.2828, 1.3305, 1.3510
On the 4-hour chart, the correction of the higher level develops as a wave B of 2, which takes a shape of a flat. Now the wave c of B is developing, within which the local correction (ii) of c has ended, and the formation of the wave (iii) of c has begun. If the assumption is correct, the pair will grow to the levels of 1.3305–1.3510. In this scenario, critical stop loss level is 1.2828.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2828 with the targets at 1.3305–1.3510. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2828 will let the pair go down to the levels of 1.2700–1.2550.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3021
Take Profit 1.3305, 1.3510
Stop Loss 1.2828
Key Levels 1.2550, 1.2700, 1.2828, 1.3305, 1.3510
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2820
Take Profit 1.2700, 1.2550
Stop Loss 1.2880
Key Levels 1.2550, 1.2700, 1.2828, 1.3305, 1.3510