On the 4-hour chart, the downward correction of the higher level develops as a wave 2, within which the wave b of 2 forms. Now the wave (c) of b is developing, within which the wave ii of (c) has ended. If the assumption is correct, the pair will grow to the level of 1.3227. In this scenario, critical stop loss level is 1.2924.
Main scenario
Long positions will become relevant above the level of 1.2924 with the target at 1.3227. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2924 will let the pair go down to the levels of 1.2735–1.2580.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 1.3051 Take Profit 1.3227 Stop Loss 1.2924 Key Levels 1.2580, 1.2735, 1.2924, 1.3227
Alternative scenario
Recommendation SELL STOP Entry Point 1.2920 Take Profit 1.2735, 1.2580 Stop Loss 1.2985 Key Levels 1.2580, 1.2735, 1.2924, 1.3227