The pair can grow.
On the 4-hour chart, the fifth wave of the higher level v of 1 is developing. Now the third wave of the lower level (iii) of v is forming, within which the local correction iv of (iii) has ended. If the assumption is correct, the pair will grow within the wave v of (iii) to the level of 1.3500. The level of 1.3062 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3062 with the target at 1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3062 will let the pair go down to the levels of 1.2850–1.2735.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3165
Take Profit 1.3500
Stop Loss 1.3062
Key Levels 1.2735, 1.2850, 1.3062, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3055
Take Profit 1.2850, 1.2735
Stop Loss 1.3123
Key Levels 1.2735, 1.2850, 1.3062, 1.3500
On the 4-hour chart, the fifth wave of the higher level v of 1 is developing. Now the third wave of the lower level (iii) of v is forming, within which the local correction iv of (iii) has ended. If the assumption is correct, the pair will grow within the wave v of (iii) to the level of 1.3500. The level of 1.3062 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3062 with the target at 1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3062 will let the pair go down to the levels of 1.2850–1.2735.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3165
Take Profit 1.3500
Stop Loss 1.3062
Key Levels 1.2735, 1.2850, 1.3062, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3055
Take Profit 1.2850, 1.2735
Stop Loss 1.3123
Key Levels 1.2735, 1.2850, 1.3062, 1.3500