The pair is falling.
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave C of (2) is forming, within which the third wave of the lower level iii of C is developing. If the assumption is correct, the pair will fall to the level of 1.2926. The level of 1.3230 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3230 with the target at 1.2926. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3230 will let the pair grow to the levels of 1.3476–1.3645.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3107
Take Profit 1.2926
Stop Loss 1.3230
Key Levels 1.2926, 1.3230, 1.3476, 1.3645
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3235
Take Profit 1.3476, 1.3645
Stop Loss 1.3155
Key Levels 1.2926, 1.3230, 1.3476, 1.3645
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave C of (2) is forming, within which the third wave of the lower level iii of C is developing. If the assumption is correct, the pair will fall to the level of 1.2926. The level of 1.3230 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3230 with the target at 1.2926. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3230 will let the pair grow to the levels of 1.3476–1.3645.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3107
Take Profit 1.2926
Stop Loss 1.3230
Key Levels 1.2926, 1.3230, 1.3476, 1.3645
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3235
Take Profit 1.3476, 1.3645
Stop Loss 1.3155
Key Levels 1.2926, 1.3230, 1.3476, 1.3645