The pair may fall.
On the daily chart, a correction of the higher level develops as a wave 2, taking a flat shape. Now the formation of the wave b of 2 is ending, within which the ending wave of the lower level v of (c) of b is forming. If the assumption is correct, after the end of the correction, the pair will fall to the level of 1.2887. In this scenario, critical stop loss level is 1.3470.
Main scenario
Short positions will become relevant below the level of 1.3470 with the target at 1.2887. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3470 will let the pair grow to the level of 1.3574.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3392
Take Profit 1.2887
Stop Loss 1.3470
Key Levels 1.2887, 1.3470, 1.3574
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3475
Take Profit 1.3574
Stop Loss 1.3440
Key Levels 1.2887, 1.3470, 1.3574
On the daily chart, a correction of the higher level develops as a wave 2, taking a flat shape. Now the formation of the wave b of 2 is ending, within which the ending wave of the lower level v of (c) of b is forming. If the assumption is correct, after the end of the correction, the pair will fall to the level of 1.2887. In this scenario, critical stop loss level is 1.3470.
Main scenario
Short positions will become relevant below the level of 1.3470 with the target at 1.2887. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3470 will let the pair grow to the level of 1.3574.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3392
Take Profit 1.2887
Stop Loss 1.3470
Key Levels 1.2887, 1.3470, 1.3574
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3475
Take Profit 1.3574
Stop Loss 1.3440
Key Levels 1.2887, 1.3470, 1.3574