The trend is upward.
On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. Now the third wave iii of 3, within which the wave (iii) of iii of the lower level is forming, is developing. If the assumption is correct, the pair will grow to the level of 1.3131. The level of 1.2894 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2894 with the target at 1.3131.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2894 will let the pair go down to the level of 1.2723.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2982
Take Profit 1.3131
Stop Loss 1.2920
Key Levels 1.2723, 1.2894, 1.3131
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2890
Take Profit 1.2723
Stop Loss 1.2950
Key Levels 1.2723, 1.2894, 1.3131
On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. Now the third wave iii of 3, within which the wave (iii) of iii of the lower level is forming, is developing. If the assumption is correct, the pair will grow to the level of 1.3131. The level of 1.2894 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2894 with the target at 1.3131.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2894 will let the pair go down to the level of 1.2723.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2982
Take Profit 1.3131
Stop Loss 1.2920
Key Levels 1.2723, 1.2894, 1.3131
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2890
Take Profit 1.2723
Stop Loss 1.2950
Key Levels 1.2723, 1.2894, 1.3131