The pair may grow.
On the 4-hour chart, the third wave of the higher level (3) develops, within which a correction ended as the wave ii of 1 of (3). Now, the development of the wave iii of 1 has begun, within which the first wave of the lower level (i) of iii has formed, and the local correction (ii) of iii has ended. If the assumption is correct, the pair will grow to the levels of 1.3384–1.3564. In this scenario, critical stop loss level is 1.3131.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3131 with the targets at 1.3384–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3131 will let the pair go down to the levels of 1.3014–1.2900.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3259
Take Profit 1.3384, 1.3564
Stop Loss 1.3131
Key Levels 1.2900, 1.3014, 1.3131, 1.3384, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3125
Take Profit 1.3014, 1.2900
Stop Loss 1.3185
Key Levels 1.2900, 1.3014, 1.3131, 1.3384, 1.3564
On the 4-hour chart, the third wave of the higher level (3) develops, within which a correction ended as the wave ii of 1 of (3). Now, the development of the wave iii of 1 has begun, within which the first wave of the lower level (i) of iii has formed, and the local correction (ii) of iii has ended. If the assumption is correct, the pair will grow to the levels of 1.3384–1.3564. In this scenario, critical stop loss level is 1.3131.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3131 with the targets at 1.3384–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3131 will let the pair go down to the levels of 1.3014–1.2900.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3259
Take Profit 1.3384, 1.3564
Stop Loss 1.3131
Key Levels 1.2900, 1.3014, 1.3131, 1.3384, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3125
Take Profit 1.3014, 1.2900
Stop Loss 1.3185
Key Levels 1.2900, 1.3014, 1.3131, 1.3384, 1.3564