The pair can fall.
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave and of (2) is forming, within which the development of the fifth wave v of A is ending. If the assumption is correct, in the short term the pair will fall to the level of 1.3333. The level of 1.3493 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3493 with the target at 1.3333. Implementation period: 2–3 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3493 will let the pair grow to the levels of 1.3687–1.3760.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3405
Take Profit 1.3333
Stop Loss 1.3475
Key Levels 1.3333, 1.3493, 1.3687, 1.3760
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3500
Take Profit 1.3687, 1.3760
Stop Loss 1.3435
Key Levels 1.3333, 1.3493, 1.3687, 1.3760
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave and of (2) is forming, within which the development of the fifth wave v of A is ending. If the assumption is correct, in the short term the pair will fall to the level of 1.3333. The level of 1.3493 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3493 with the target at 1.3333. Implementation period: 2–3 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3493 will let the pair grow to the levels of 1.3687–1.3760.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3405
Take Profit 1.3333
Stop Loss 1.3475
Key Levels 1.3333, 1.3493, 1.3687, 1.3760
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3500
Take Profit 1.3687, 1.3760
Stop Loss 1.3435
Key Levels 1.3333, 1.3493, 1.3687, 1.3760