The correction has ended. The pair can grow.
On the 4-hour chart, the fifth wave of the higher level v of 1 is developing. Now the local correction has formed as a fourth wave (iv) of v, and the development of the wave (v) of v begins. If the assumption is correct, the pair may grow to the level of 1.3500. The level of 1.2986 is critical and stop-loss for this scenario.
Main scenario
Long positions may become relevant above the level of 1.2986 with the target at 1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2986 may let the pair go down to the level of 1.2740.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3044
Take Profit 1.3500
Stop Loss 1.2986
Key Levels 1.2740, 1.2986, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2970
Take Profit 1.2740
Stop Loss 1.3060
Key Levels 1.2740, 1.2986, 1.3500
On the 4-hour chart, the fifth wave of the higher level v of 1 is developing. Now the local correction has formed as a fourth wave (iv) of v, and the development of the wave (v) of v begins. If the assumption is correct, the pair may grow to the level of 1.3500. The level of 1.2986 is critical and stop-loss for this scenario.
Main scenario
Long positions may become relevant above the level of 1.2986 with the target at 1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2986 may let the pair go down to the level of 1.2740.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3044
Take Profit 1.3500
Stop Loss 1.2986
Key Levels 1.2740, 1.2986, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2970
Take Profit 1.2740
Stop Loss 1.3060
Key Levels 1.2740, 1.2986, 1.3500