The pair is in a correction and may grow.
On the 4-hour chart, a downward correction of the higher level formed as the wave ii of 1 of (3), and the development of the third wave iii of 1 of (3) started. Now, the first wave of the lower level (i) of iii has formed, and the development of the local correction (ii) of iii has started. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.3349–1.3450. In this scenario, critical stop loss level is 1.3041.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3041 with the targets at 1.3349–1.3450. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3041 will let the pair go down to the level of 1.2849.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3229
Take Profit 1.3349, 1.3450
Stop Loss 1.3115
Key Levels 1.2849, 1.3041, 1.3349, 1.3450
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3035
Take Profit 1.2849
Stop Loss 1.3100
Key Levels 1.2849, 1.3041, 1.3349, 1.3450
On the 4-hour chart, a downward correction of the higher level formed as the wave ii of 1 of (3), and the development of the third wave iii of 1 of (3) started. Now, the first wave of the lower level (i) of iii has formed, and the development of the local correction (ii) of iii has started. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.3349–1.3450. In this scenario, critical stop loss level is 1.3041.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3041 with the targets at 1.3349–1.3450. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3041 will let the pair go down to the level of 1.2849.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3229
Take Profit 1.3349, 1.3450
Stop Loss 1.3115
Key Levels 1.2849, 1.3041, 1.3349, 1.3450
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3035
Take Profit 1.2849
Stop Loss 1.3100
Key Levels 1.2849, 1.3041, 1.3349, 1.3450