The pair may grow.
On the daily chart, a correction of the higher level ended as the wave (2), and the development of the wave (3) began. Now the first wave of the lower level 1 of (3) is forming as a wedge, within which the correction iv of 1 has ended. If the assumption is correct, the pair will grow within the wave v of 1 to the level of 1.3429. In this scenario, critical stop loss level is 1.2983.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2983 with the target at 1.3429. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2983 will let the pair go down to the levels of 1.2770–1.2398.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3046
Take Profit 1.3429
Stop Loss 1.2983
Key Levels 1.2398, 1.2770, 1.2983, 1.3429
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2975
Take Profit 1.2770, 1.2398
Stop Loss 1.3040
Key Levels 1.2398, 1.2770, 1.2983, 1.3429
On the daily chart, a correction of the higher level ended as the wave (2), and the development of the wave (3) began. Now the first wave of the lower level 1 of (3) is forming as a wedge, within which the correction iv of 1 has ended. If the assumption is correct, the pair will grow within the wave v of 1 to the level of 1.3429. In this scenario, critical stop loss level is 1.2983.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2983 with the target at 1.3429. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2983 will let the pair go down to the levels of 1.2770–1.2398.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3046
Take Profit 1.3429
Stop Loss 1.2983
Key Levels 1.2398, 1.2770, 1.2983, 1.3429
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2975
Take Profit 1.2770, 1.2398
Stop Loss 1.3040
Key Levels 1.2398, 1.2770, 1.2983, 1.3429