The pair can grow.
On the daily chart, the first wave of the higher level 1 of (5) is developing. Now the fifth wave of the lower level v of 1 is forming, within which the wave (iii) of v has formed, and the correction (iv) of v is ending. If the assumption is correct, the pair will grow to the levels of 1.3150–1.3300. The level of 1.2847 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2847 with the targets at 1.3150–1.3300. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2847 will let the pair go down to the level of 1.2525.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2985
Take Profit 1.3150, 1.3300
Stop Loss 1.2847
Key Levels 1.2525, 1.2847, 1.3150, 1.3300
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2840
Take Profit 1.2525
Stop Loss 1.2945
Key Levels 1.2525, 1.2847, 1.3150, 1.3300
On the daily chart, the first wave of the higher level 1 of (5) is developing. Now the fifth wave of the lower level v of 1 is forming, within which the wave (iii) of v has formed, and the correction (iv) of v is ending. If the assumption is correct, the pair will grow to the levels of 1.3150–1.3300. The level of 1.2847 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2847 with the targets at 1.3150–1.3300. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2847 will let the pair go down to the level of 1.2525.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2985
Take Profit 1.3150, 1.3300
Stop Loss 1.2847
Key Levels 1.2525, 1.2847, 1.3150, 1.3300
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2840
Take Profit 1.2525
Stop Loss 1.2945
Key Levels 1.2525, 1.2847, 1.3150, 1.3300