Upward trend maintains.
On the 4-hour chart, the fifth wave 5 of (1) of the higher level is developing. Locally the upward momentum is forming as a third wave iii of 5, within which the fifth wave (v) of iii is developing. If the assumption is correct, the pair will grow to the level of 1.4500. The level of 1.3980 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3980 with the target at 1.4500.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3980 will let the pair go down to the levels of 1.3810–1.3480.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.4260
Take Profit 1.4500
Stop Loss 1.4180
Key Levels 1.3480, 1.3810, 1.3980, 1.4500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3970
Take Profit 1.3810, 1.3480
Stop Loss 1.4030
Key Levels 1.3480, 1.3810, 1.3980, 1.4500
On the 4-hour chart, the fifth wave 5 of (1) of the higher level is developing. Locally the upward momentum is forming as a third wave iii of 5, within which the fifth wave (v) of iii is developing. If the assumption is correct, the pair will grow to the level of 1.4500. The level of 1.3980 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3980 with the target at 1.4500.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3980 will let the pair go down to the levels of 1.3810–1.3480.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.4260
Take Profit 1.4500
Stop Loss 1.4180
Key Levels 1.3480, 1.3810, 1.3980, 1.4500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3970
Take Profit 1.3810, 1.3480
Stop Loss 1.4030
Key Levels 1.3480, 1.3810, 1.3980, 1.4500