The pair can grow.
On the 4-hour chart, the fifth wave 5 of (1) of the higher level is developing. Locally the wave v of 5, within which the correction second wave of the lower level (ii) of v has ended, is developing. If the assumption is correct, the pair will grow to the levels of 1.4343–1.4400. The level of 1.3857 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3857 with the targets at 1.4343–1.4400.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3857 will let the pair go down to the level of 1.3700.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3938
Take Profit 1.4343, 1.4400
Stop Loss 1.3805
Key Levels 1.3700, 1.3857, 1.4343, 1.4400
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3850
Take Profit 1.3700
Stop Loss 1.3910
Key Levels 1.3700, 1.3857, 1.4343, 1.4400
On the 4-hour chart, the fifth wave 5 of (1) of the higher level is developing. Locally the wave v of 5, within which the correction second wave of the lower level (ii) of v has ended, is developing. If the assumption is correct, the pair will grow to the levels of 1.4343–1.4400. The level of 1.3857 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3857 with the targets at 1.4343–1.4400.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3857 will let the pair go down to the level of 1.3700.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3938
Take Profit 1.4343, 1.4400
Stop Loss 1.3805
Key Levels 1.3700, 1.3857, 1.4343, 1.4400
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3850
Take Profit 1.3700
Stop Loss 1.3910
Key Levels 1.3700, 1.3857, 1.4343, 1.4400