On the 4-hour chart, the downward correction of the higher level developed as the wave (2), within which the wave C of (2) formed as a momentum. Now, the development of the third wave (3) is beginning, within which the first wave of the lower level (i) of i of 1 of (3) is forming. If the assumption is correct, the pair will grow to the levels of 1.2650–1.2780. In this scenario, critical stop loss level is 1.2438.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2438 with the targets at 1.2650–1.2780. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2438 will let the pair go down to the levels of 1.2361–1.2241.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 1.2526 Take Profit 1.2650, 1.2780 Stop Loss 1.2438 Key Levels 1.2241, 1.2361, 1.2438, 1.2650, 1.2780
Alternative scenario
Recommendation SELL STOP Entry Point 1.2430 Take Profit 1.2361, 1.2241 Stop Loss 1.2455 Key Levels 1.2241, 1.2361, 1.2438, 1.2650, 1.2780
vicknz
Nice ,
My idea is
Sell @ 1.26165
Tp @ support
Buy again at support 1.24405
Cheers