An upward trend is still strong.
On the H4 chart the fifth wave of the senior level v of 1 is developing. At the moment, apparently, the third wave of the lower level (iii) of v is forming. If the assumption is true, it is logical to expect the growth of the pair to continue to 1.3500. The critical level of the stop-loss for this scenario is 1.3260.
Main scenario
Long positions will become relevant after corrections, above the level of 1.3260 with the target of 1.3500. Term of realization: 5-7 days.
Alternative scenario
Breakdown of the level of 1.3260 will allow the pair to continue the decline to the area of 1.3108-1.3060.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3302
Take Profit 1.3500
Stop Loss 1.3260
Key Levels 1.3060, 1.3108, 1.3260, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3250
Take Profit 1.3108, 1.3060
Stop Loss 1.3310
Key Levels 1.3060, 1.3108, 1.3260, 1.3500
On the H4 chart the fifth wave of the senior level v of 1 is developing. At the moment, apparently, the third wave of the lower level (iii) of v is forming. If the assumption is true, it is logical to expect the growth of the pair to continue to 1.3500. The critical level of the stop-loss for this scenario is 1.3260.
Main scenario
Long positions will become relevant after corrections, above the level of 1.3260 with the target of 1.3500. Term of realization: 5-7 days.
Alternative scenario
Breakdown of the level of 1.3260 will allow the pair to continue the decline to the area of 1.3108-1.3060.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3302
Take Profit 1.3500
Stop Loss 1.3260
Key Levels 1.3060, 1.3108, 1.3260, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3250
Take Profit 1.3108, 1.3060
Stop Loss 1.3310
Key Levels 1.3060, 1.3108, 1.3260, 1.3500