The correction has ended, the pair can grow.
On the 4-hour chart, the fifth wave 5 of (1) of the higher level is developing. Locally the wave v of 5 of the lower level, within which the downward correction (iv) of v has ended, is forming. If the assumption is correct, the pair will grow to the levels of 1.3657–1.3700 within the wave (v) of v. The level of 1.3457 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 1.3457 with the targets at 1.3657–1.3700.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3457 will let the pair go down to the levels of 1.3327–1.3298.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3547
Take Profit 1.3657, 1.3700
Stop Loss 1.2485
Key Levels 1.3298, 1.3327, 1.3457, 1.3657, 1.3700
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3450
Take Profit 1.3327, 1.3298
Stop Loss 1.3510
Key Levels 1.3298, 1.3327, 1.3457, 1.3657, 1.3700
On the 4-hour chart, the fifth wave 5 of (1) of the higher level is developing. Locally the wave v of 5 of the lower level, within which the downward correction (iv) of v has ended, is forming. If the assumption is correct, the pair will grow to the levels of 1.3657–1.3700 within the wave (v) of v. The level of 1.3457 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 1.3457 with the targets at 1.3657–1.3700.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3457 will let the pair go down to the levels of 1.3327–1.3298.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3547
Take Profit 1.3657, 1.3700
Stop Loss 1.2485
Key Levels 1.3298, 1.3327, 1.3457, 1.3657, 1.3700
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3450
Take Profit 1.3327, 1.3298
Stop Loss 1.3510
Key Levels 1.3298, 1.3327, 1.3457, 1.3657, 1.3700