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 levels of 1.3020–1.3131. The level of 1.2617 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction above the level of 1.2617 with the targets at 1.3020–1.3131.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2617 will let the pair go down to the level of 1.2450.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2842
Take Profit 1.3020, 1.3131
Stop Loss 1.2775
Key Levels 1.2450, 1.2617, 1.3020, 1.3131
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2610
Take Profit 1.2450
Stop Loss 1.2675
Key Levels 1.2450, 1.2617, 1.3020, 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 levels of 1.3020–1.3131. The level of 1.2617 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction above the level of 1.2617 with the targets at 1.3020–1.3131.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2617 will let the pair go down to the level of 1.2450.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2842
Take Profit 1.3020, 1.3131
Stop Loss 1.2775
Key Levels 1.2450, 1.2617, 1.3020, 1.3131
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2610
Take Profit 1.2450
Stop Loss 1.2675
Key Levels 1.2450, 1.2617, 1.3020, 1.3131