The pair can fall.
On the 4-hour chart, the downward correction develops as a wave 2. Now the formation of the wave c of 2 has begun, within which the development of the first wave of the lower level (i) of c is ending. If the assumption is correct, after the correction (ii) of c the pair will fall to the levels of 1.2820–1.2740. In this scenario, critical stop loss level is 1.3225.
Main scenario
Short positions will become relevant after the end of the correction below the level of 1.3225 with the targets at 1.2820–1.2740. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3225 will let the pair grow to the level of 1.3500.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2951
Take Profit 1.2820, 1.2740
Stop Loss 1.2996
Key Levels 1.2740, 1.2820, 1.3225, 1.3500
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3230
Take Profit 1.3500
Stop Loss 1.3140
Key Levels 1.2740, 1.2820, 1.3225, 1.3500
On the 4-hour chart, the downward correction develops as a wave 2. Now the formation of the wave c of 2 has begun, within which the development of the first wave of the lower level (i) of c is ending. If the assumption is correct, after the correction (ii) of c the pair will fall to the levels of 1.2820–1.2740. In this scenario, critical stop loss level is 1.3225.
Main scenario
Short positions will become relevant after the end of the correction below the level of 1.3225 with the targets at 1.2820–1.2740. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3225 will let the pair grow to the level of 1.3500.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2951
Take Profit 1.2820, 1.2740
Stop Loss 1.2996
Key Levels 1.2740, 1.2820, 1.3225, 1.3500
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3230
Take Profit 1.3500
Stop Loss 1.3140
Key Levels 1.2740, 1.2820, 1.3225, 1.3500