The pair may grow.
On the 4-hour chart, the downward correction of the higher level developed as a wave 2, and the formation of the third wave 3 began. Now the first wave of the lower level i of 3 is developing, within which the wave (iii) of I is forming. If the assumption is correct, the pair will grow to the level of 1.3390. In this scenario, critical stop loss level is 1.3053.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3053 with the target at 1.3390. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3053 will let the pair go down to the level of 1.2887.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3164
Take Profit 1.3390
Stop Loss 1.3053
Key Levels 1.2887, 1.3053, 1.3390
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3045
Take Profit 1.2887
Stop Loss 1.3095
Key Levels 1.2887, 1.3053, 1.3390
On the 4-hour chart, the downward correction of the higher level developed as a wave 2, and the formation of the third wave 3 began. Now the first wave of the lower level i of 3 is developing, within which the wave (iii) of I is forming. If the assumption is correct, the pair will grow to the level of 1.3390. In this scenario, critical stop loss level is 1.3053.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3053 with the target at 1.3390. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3053 will let the pair go down to the level of 1.2887.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3164
Take Profit 1.3390
Stop Loss 1.3053
Key Levels 1.2887, 1.3053, 1.3390
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3045
Take Profit 1.2887
Stop Loss 1.3095
Key Levels 1.2887, 1.3053, 1.3390