The trend is upward.
On the 4-hour chart the fifth wave 5 is forming as a diagonal triangle within the first wave 1 of the higher level. At the moment the upward momentum within the wave (c) of v is forming. If the assumption is correct, the price will grow to the levels of 1.2500–1.2550. The level of 1.2354 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2354 with the targets at 1.2500–1.2550.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2254 will let the pair go down to the levels of 1.2070–1.1918.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2418
Take Profit 1.2500, 1.2550
Stop Loss 1.2360
Key Levels 1.1918, 1.2070, 1.2354, 1.2500, 1.2550
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2250
Take Profit 1.2070, 1.1918
Stop Loss 1.2315
Key Levels 1.1918, 1.2070, 1.2354, 1.2500, 1.2550
On the 4-hour chart the fifth wave 5 is forming as a diagonal triangle within the first wave 1 of the higher level. At the moment the upward momentum within the wave (c) of v is forming. If the assumption is correct, the price will grow to the levels of 1.2500–1.2550. The level of 1.2354 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2354 with the targets at 1.2500–1.2550.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2254 will let the pair go down to the levels of 1.2070–1.1918.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2418
Take Profit 1.2500, 1.2550
Stop Loss 1.2360
Key Levels 1.1918, 1.2070, 1.2354, 1.2500, 1.2550
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2250
Take Profit 1.2070, 1.1918
Stop Loss 1.2315
Key Levels 1.1918, 1.2070, 1.2354, 1.2500, 1.2550