The pair may grow.
On the 4-hour chart, the third wave of the higher level (3) develops, within which the correction ended as the wave ii of 1 of (3). Now, the development of the wave iii of 1 has started, within which the wave (i) of iii has formed, and the correction (ii) of iii is ending. If the assumption is correct, the pair will grow to the levels of 1.3450–1.3564. In this scenario, critical stop loss level is 1.3135.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3135 with the targets at 1.3450–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3135 will let the pair go down to the level of 1.3014 and below.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3213
Take Profit 1.3450, 1.3564
Stop Loss 1.3135
Key Levels 1.3014, 1.3135, 1.3450, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3130
Take Profit 1.3014
Stop Loss 1.3190
Key Levels 1.3014, 1.3135, 1.3450, 1.3564
On the 4-hour chart, the third wave of the higher level (3) develops, within which the correction ended as the wave ii of 1 of (3). Now, the development of the wave iii of 1 has started, within which the wave (i) of iii has formed, and the correction (ii) of iii is ending. If the assumption is correct, the pair will grow to the levels of 1.3450–1.3564. In this scenario, critical stop loss level is 1.3135.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3135 with the targets at 1.3450–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3135 will let the pair go down to the level of 1.3014 and below.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3213
Take Profit 1.3450, 1.3564
Stop Loss 1.3135
Key Levels 1.3014, 1.3135, 1.3450, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3130
Take Profit 1.3014
Stop Loss 1.3190
Key Levels 1.3014, 1.3135, 1.3450, 1.3564