The pair is in a correction, the fall is possible.
On the 4-hour chart, a correction of the higher level formed as the second wave ii of 3, and the development of the wave iii of 3 began. Now the first wave of the lower level (i) of iii has formed, and the local correction (ii) of iii is developing, within which the wave c of (ii) is forming. If the assumption is correct, the pair will fall to the levels of 1.3227–1.3173. In this scenario, critical stop loss level is 1.3403.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3403 with the targets at 1.3227–1.3173. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3403 will let the pair grow to the levels of 1.3660–1.3843.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3344
Take Profit 1.3227, 1.3173
Stop Loss 1.3403
Key Levels 1.3173, 1.3227, 1.3403, 1.3660, 1.3843
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3410
Take Profit 1.3660, 1.3843
Stop Loss 1.3325
Key Levels 1.3173, 1.3227, 1.3403, 1.3660, 1.3843
On the 4-hour chart, a correction of the higher level formed as the second wave ii of 3, and the development of the wave iii of 3 began. Now the first wave of the lower level (i) of iii has formed, and the local correction (ii) of iii is developing, within which the wave c of (ii) is forming. If the assumption is correct, the pair will fall to the levels of 1.3227–1.3173. In this scenario, critical stop loss level is 1.3403.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3403 with the targets at 1.3227–1.3173. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3403 will let the pair grow to the levels of 1.3660–1.3843.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3344
Take Profit 1.3227, 1.3173
Stop Loss 1.3403
Key Levels 1.3173, 1.3227, 1.3403, 1.3660, 1.3843
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3410
Take Profit 1.3660, 1.3843
Stop Loss 1.3325
Key Levels 1.3173, 1.3227, 1.3403, 1.3660, 1.3843