The pair can grow.
On the 4-hour chart, the downward correction of the higher level developed as a wave (2), and the development of the third wave (3) began. Now the first wave of the lower level i of 1 of (3) is forming, within which the local correction has ended as a wave (iv) of i, and the development of the wave (v) of i has begun. If the assumption is correct, the pair will grow to the levels of 1.3295–1.3474. In this scenario, critical stop loss level is 1.2920.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2920 with the targets at 1.3295–1.3474. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2920 will let the pair go down to the level of 1.2654.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3080
Take Profit 1.3295, 1.3474
Stop Loss 1.2920
Key Levels 1.2654, 1.2920, 1.3295, 1.3474
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2915
Take Profit 1.2654
Stop Loss 1.3000
Key Levels 1.2654, 1.2920, 1.3295, 1.3474
On the 4-hour chart, the downward correction of the higher level developed as a wave (2), and the development of the third wave (3) began. Now the first wave of the lower level i of 1 of (3) is forming, within which the local correction has ended as a wave (iv) of i, and the development of the wave (v) of i has begun. If the assumption is correct, the pair will grow to the levels of 1.3295–1.3474. In this scenario, critical stop loss level is 1.2920.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2920 with the targets at 1.3295–1.3474. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2920 will let the pair go down to the level of 1.2654.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3080
Take Profit 1.3295, 1.3474
Stop Loss 1.2920
Key Levels 1.2654, 1.2920, 1.3295, 1.3474
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2915
Take Profit 1.2654
Stop Loss 1.3000
Key Levels 1.2654, 1.2920, 1.3295, 1.3474