The pair may decrease.
On the 4-hour chart, a downward correction of the higher level develops as the wave 2. Now the wave C of 2 is developing, within which the fifth wave of the lower level v of C is forming. If the assumption is correct, the pair will fall to the level of 1.2600. In this scenario, critical stop loss level is 1.2850.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2850 with the target at 1.2600. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2850 will let the pair grow to the level of 1.3175.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2711
Take Profit 1.2600
Stop Loss 1.2775
Key Levels 1.2600, 1.2850, 1.3175
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2860
Take Profit 1.3175
Stop Loss 1.2755
Key Levels 1.2600, 1.2850, 1.3175
On the 4-hour chart, a downward correction of the higher level develops as the wave 2. Now the wave C of 2 is developing, within which the fifth wave of the lower level v of C is forming. If the assumption is correct, the pair will fall to the level of 1.2600. In this scenario, critical stop loss level is 1.2850.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2850 with the target at 1.2600. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2850 will let the pair grow to the level of 1.3175.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2711
Take Profit 1.2600
Stop Loss 1.2775
Key Levels 1.2600, 1.2850, 1.3175
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2860
Take Profit 1.3175
Stop Loss 1.2755
Key Levels 1.2600, 1.2850, 1.3175