The pair can decrease.
On the daily chart, the upward momentum has formed as a first wave (1) of the higher level. Locally the development of the downward correction as a wave (2) has begun, within which the entering momentum of the lower level (i) has formed. If the assumption is correct, after the correction (ii) the pair will fall to the levels of 1.3687–1.3268. The level of 1.4380 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.4380 with the targets at 1.3687–1.3268.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.4380 will let the pair grow to the levels of 1.4570–1.4750.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3925
Take Profit 1.3687, 1.3268
Stop Loss 1.4005
Key Levels 1.3268, 1.3687, 1.4380, 1.4570, 1.4750
Alternative scenario
Recommendation BUY STOP
Entry Point 1.4390
Take Profit 1.4570, 1.4750
Stop Loss 1.4330
Key Levels 1.3268, 1.3687, 1.4380, 1.4570, 1.4750
On the daily chart, the upward momentum has formed as a first wave (1) of the higher level. Locally the development of the downward correction as a wave (2) has begun, within which the entering momentum of the lower level (i) has formed. If the assumption is correct, after the correction (ii) the pair will fall to the levels of 1.3687–1.3268. The level of 1.4380 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.4380 with the targets at 1.3687–1.3268.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.4380 will let the pair grow to the levels of 1.4570–1.4750.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3925
Take Profit 1.3687, 1.3268
Stop Loss 1.4005
Key Levels 1.3268, 1.3687, 1.4380, 1.4570, 1.4750
Alternative scenario
Recommendation BUY STOP
Entry Point 1.4390
Take Profit 1.4570, 1.4750
Stop Loss 1.4330
Key Levels 1.3268, 1.3687, 1.4380, 1.4570, 1.4750