The pair can decrease.
On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. Now the first wave i of 3 has formed, and the downward correction is developing as a wave ii of 3. If the assumption is correct, the pair will fall to the levels of 1.2690–1.2586. The level of 1.3009 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3009 with the targets at 1.2690–1.2586.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3009 will let the pair grow to the level of 1.3126.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2887
Take Profit 1.2690, 1.2586
Stop Loss 1.2950
Key Levels 1.2586, 1.2690, 1.3009, 1.3126
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3015
Take Profit 1.3126
Stop Loss 1.2955
Key Levels 1.2586, 1.2690, 1.3009, 1.3126-3015-3126
On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. Now the first wave i of 3 has formed, and the downward correction is developing as a wave ii of 3. If the assumption is correct, the pair will fall to the levels of 1.2690–1.2586. The level of 1.3009 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3009 with the targets at 1.2690–1.2586.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3009 will let the pair grow to the level of 1.3126.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2887
Take Profit 1.2690, 1.2586
Stop Loss 1.2950
Key Levels 1.2586, 1.2690, 1.3009, 1.3126
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3015
Take Profit 1.3126
Stop Loss 1.2955
Key Levels 1.2586, 1.2690, 1.3009, 1.3126-3015-3126