The pair is in a correction and can grow.
On the 4-hour chart, the downward correction of the higher level developed as a wave (2), and the development of the third wave (3) begun. Now the first wave of the lower level i of 1 of (3) is forming, within which the wave (iii) of I has developed, and the local correction is developing as a wave (iv) of i. If the assumption is correct, after the end of the correction the pair will grow to the levels of 1.3474–1.3615. In this scenario, critical stop loss level is 1.2975.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2975 with the targets at 1.3474–1.3615. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2975 will let the pair go down to the levels of 1.2782–1.2654.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3169
Take Profit 1.3474, 1.3615
Stop Loss 1.2975
Key Levels 1.2654, 1.2782, 1.2975, 1.3474, 1.3615
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2970
Take Profit 1.2782, 1.2654
Stop Loss 1.3030
Key Levels 1.2654, 1.2782, 1.2975, 1.3474, 1.3615
On the 4-hour chart, the downward correction of the higher level developed as a wave (2), and the development of the third wave (3) begun. Now the first wave of the lower level i of 1 of (3) is forming, within which the wave (iii) of I has developed, and the local correction is developing as a wave (iv) of i. If the assumption is correct, after the end of the correction the pair will grow to the levels of 1.3474–1.3615. In this scenario, critical stop loss level is 1.2975.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2975 with the targets at 1.3474–1.3615. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2975 will let the pair go down to the levels of 1.2782–1.2654.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3169
Take Profit 1.3474, 1.3615
Stop Loss 1.2975
Key Levels 1.2654, 1.2782, 1.2975, 1.3474, 1.3615
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2970
Take Profit 1.2782, 1.2654
Stop Loss 1.3030
Key Levels 1.2654, 1.2782, 1.2975, 1.3474, 1.3615