The pair may grow.
On the 4-hour chart, a downward correction of the higher level developed 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, the local correction (ii) of iii has developed, and the wave (iii) of iii is forming. If the assumption is correct, the pair will grow to the levels of 1.3409–1.3560. In this scenario, critical stop loss level is 1.3188.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3188 with the targets at 1.3409–1.3560. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3188 will let the pair go down to the levels of 1.3110–1.3040.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3289
Take Profit 1.3409, 1.3560
Stop Loss 1.3188
Key Levels 1.3040, 1.3110, 1.3188, 1.3409, 1.3560
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3180
Take Profit 1.3110, 1.3040
Stop Loss 1.3215
Key Levels 1.3040, 1.3110, 1.3188, 1.3409, 1.3560
On the 4-hour chart, a downward correction of the higher level developed 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, the local correction (ii) of iii has developed, and the wave (iii) of iii is forming. If the assumption is correct, the pair will grow to the levels of 1.3409–1.3560. In this scenario, critical stop loss level is 1.3188.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3188 with the targets at 1.3409–1.3560. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3188 will let the pair go down to the levels of 1.3110–1.3040.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3289
Take Profit 1.3409, 1.3560
Stop Loss 1.3188
Key Levels 1.3040, 1.3110, 1.3188, 1.3409, 1.3560
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3180
Take Profit 1.3110, 1.3040
Stop Loss 1.3215
Key Levels 1.3040, 1.3110, 1.3188, 1.3409, 1.3560