The pair may grow.
On the 4-hour chart, the third wave iii of the higher level iii of 3 develops. Now, the local correction (ii) of iii has developed, and the formation of the third wave of the lower level (iii) of iii has begun, within which the wave i of (iii) has formed as a wedge, and the local correction ii of (iii) is ending. If the assumption is correct, after the end of correction, the pair will grow to the levels of 1.3660–1.3843. In this scenario, critical stop loss level is 1.3275.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3275 with the targets at 1.3660–1.3843. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3275 will let the pair go down to the levels of 1.3126–1.3066.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3431
Take Profit 1.3660, 1.3843
Stop Loss 1.3275
Key Levels 1.3066, 1.3126, 1.3275, 1.3660, 1.3843
Alternative scenario
Recommendation SELL
Entry Point 1.3270
Take Profit 1.3126, 1.3066
Stop Loss 1.3330
Key Levels 1.3066, 1.3126, 1.3275, 1.3660, 1.3843
On the 4-hour chart, the third wave iii of the higher level iii of 3 develops. Now, the local correction (ii) of iii has developed, and the formation of the third wave of the lower level (iii) of iii has begun, within which the wave i of (iii) has formed as a wedge, and the local correction ii of (iii) is ending. If the assumption is correct, after the end of correction, the pair will grow to the levels of 1.3660–1.3843. In this scenario, critical stop loss level is 1.3275.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3275 with the targets at 1.3660–1.3843. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3275 will let the pair go down to the levels of 1.3126–1.3066.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3431
Take Profit 1.3660, 1.3843
Stop Loss 1.3275
Key Levels 1.3066, 1.3126, 1.3275, 1.3660, 1.3843
Alternative scenario
Recommendation SELL
Entry Point 1.3270
Take Profit 1.3126, 1.3066
Stop Loss 1.3330
Key Levels 1.3066, 1.3126, 1.3275, 1.3660, 1.3843