On the 4-hour chart the fifth wave 5 of (1) of the higher level is developing. Locally the wave v of 5 of the lower level, within which the downward correction (iv) of v is developing, is forming. If the assumption is correct, the pair will fall to the levels of 1.3470–1.3437 in the short term. The level of 1.3611 is critical for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3611 with the targets at 1.3470–1.3437.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3611 will let the pair grow to the levels of 1.3657–1.3700.
Trade
Scenario
Timeframe Intraday Recommendation SELL Entry Point 1.3564 Take Profit 1.3470, 1.3437 Stop Loss 1.3625 Key Levels 1.3437, 1.3470, 1.3611, 1.3657, 1.3700
Alternative scenario
Recommendation BUY STOP Entry Point 1.3620 Take Profit 1.3657, 1.3700 Stop Loss 1.3590 Key Levels 1.3437, 1.3470, 1.3611, 1.3657, 1.3700