The pair may grow.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now, the first wave of the lower level i of 1 of (3) is forming, within which the fifth wave (v) of i is developing. If the assumption is correct, the pair will grow to the levels of 1.3360–1.3432. In this scenario, critical stop loss level is 1.3176.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3176 with the targets at 1.3360–1.3432. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3176 will let the pair go down to the levels of 1.3012–1.2910.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3224
Take Profit 1.3360, 1.3432
Stop Loss 1.3176
Key Levels 1.2910, 1.3012, 1.3176, 1.3360, 1.3432
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3170
Take Profit 1.3012, 1.2910
Stop Loss 1.3230
Key Levels 1.2910, 1.3012, 1.3176, 1.3360, 1.3432
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now, the first wave of the lower level i of 1 of (3) is forming, within which the fifth wave (v) of i is developing. If the assumption is correct, the pair will grow to the levels of 1.3360–1.3432. In this scenario, critical stop loss level is 1.3176.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3176 with the targets at 1.3360–1.3432. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3176 will let the pair go down to the levels of 1.3012–1.2910.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3224
Take Profit 1.3360, 1.3432
Stop Loss 1.3176
Key Levels 1.2910, 1.3012, 1.3176, 1.3360, 1.3432
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3170
Take Profit 1.3012, 1.2910
Stop Loss 1.3230
Key Levels 1.2910, 1.3012, 1.3176, 1.3360, 1.3432