The pair can grow.
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave and of (2) has formed, and the upward correction of the lower level is developing as a wave B of (2), within which the wave a of B is forming. If the assumption is correct, the pair will grow to the levels of 1.3472–1.3645. The level of 1.3202 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3202 with the targets at 1.3472–1.3645. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3202 will let the pair go down to the level of 1.3100.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3318
Take Profit 1.3472, 1.3645
Stop Loss 1.3202
Key Levels 1.3100, 1.3202, 1.3472, 1.3645
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3195
Take Profit 1.3100
Stop Loss 1.3255
Key Levels 1.3100, 1.3202, 1.3472, 1.3645
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave and of (2) has formed, and the upward correction of the lower level is developing as a wave B of (2), within which the wave a of B is forming. If the assumption is correct, the pair will grow to the levels of 1.3472–1.3645. The level of 1.3202 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3202 with the targets at 1.3472–1.3645. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3202 will let the pair go down to the level of 1.3100.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3318
Take Profit 1.3472, 1.3645
Stop Loss 1.3202
Key Levels 1.3100, 1.3202, 1.3472, 1.3645
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3195
Take Profit 1.3100
Stop Loss 1.3255
Key Levels 1.3100, 1.3202, 1.3472, 1.3645