The pair can grow.
On the 4-hour chart, the fifth wave 5 of (1) of the higher level is forming. Now the fifth wave of the lower level v of 5, within which the wave (i) of v has formed, is developing. If the assumption is correct, after the correction (ii) the price will grow to the levels of 1.2650–1.2700. The level of 1.2202 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2202 with the targets at 1.2650–1.2700.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2202 will let the pair go down to the level of 1.2125 and below.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2465
Take Profit 1.2650, 1.2700
Stop Loss 1.2400
Key Levels 1.2125, 1.2202, 1.2650, 1.2700
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2190
Take Profit 1.2125
Stop Loss 1.2250
Key Levels 1.2125, 1.2202, 1.2650, 1.2700
On the 4-hour chart, the fifth wave 5 of (1) of the higher level is forming. Now the fifth wave of the lower level v of 5, within which the wave (i) of v has formed, is developing. If the assumption is correct, after the correction (ii) the price will grow to the levels of 1.2650–1.2700. The level of 1.2202 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2202 with the targets at 1.2650–1.2700.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2202 will let the pair go down to the level of 1.2125 and below.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2465
Take Profit 1.2650, 1.2700
Stop Loss 1.2400
Key Levels 1.2125, 1.2202, 1.2650, 1.2700
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2190
Take Profit 1.2125
Stop Loss 1.2250
Key Levels 1.2125, 1.2202, 1.2650, 1.2700