The pair can grow.
On the 4-hour chart, the downward correction of the higher level developed as a wave (2). Now the development of the third wave (3) has begun, within which the first wave of the lower level i of 1 of (3) is forming. If the assumption is correct, the pair will grow to the levels of 1.3474–1.3615. In this scenario, critical stop loss level is 1.2780.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2780 with the targets at 1.3474–1.3615. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2780 will let the pair go down to the level of 1.2580 and below.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3154
Take Profit 1.3474, 1.3615
Stop Loss 1.2780
Key Levels 1.2580, 1.2780, 1.3474, 1.3615
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2775
Take Profit 1.2580
Stop Loss 1.2840
Key Levels 1.2580, 1.2780, 1.3474, 1.3615
On the 4-hour chart, the downward correction of the higher level developed as a wave (2). Now the development of the third wave (3) has begun, within which the first wave of the lower level i of 1 of (3) is forming. If the assumption is correct, the pair will grow to the levels of 1.3474–1.3615. In this scenario, critical stop loss level is 1.2780.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2780 with the targets at 1.3474–1.3615. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2780 will let the pair go down to the level of 1.2580 and below.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3154
Take Profit 1.3474, 1.3615
Stop Loss 1.2780
Key Levels 1.2580, 1.2780, 1.3474, 1.3615
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2775
Take Profit 1.2580
Stop Loss 1.2840
Key Levels 1.2580, 1.2780, 1.3474, 1.3615