The pair can grow.
On the 4-hour chart, the fifth wave v of 5 is forming within the first wave (1) of the higher level. Locally the third wave of the lower level (iii) of v of 5, within which the downward correction iv of (iii) has ended, is developing. If the assumption is correct, the pair will grow to the levels of 1.4350–1.4450. The level of 1.4008 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.4008 with the targets at 1.4350–1.4450.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.4008 will let the pair go down to the level of 1.3780.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.4063
Take Profit 1.4350, 1.4450
Stop Loss 1.3970
Key Levels 1.3780, 1.4008, 1.4350, 1.4450
Alternative scenario
Recommendation SELL STOP
Entry Point 1.4000
Take Profit 1.3780
Stop Loss 1.4075
Key Levels 1.3780, 1.4008, 1.4350, 1.4450
On the 4-hour chart, the fifth wave v of 5 is forming within the first wave (1) of the higher level. Locally the third wave of the lower level (iii) of v of 5, within which the downward correction iv of (iii) has ended, is developing. If the assumption is correct, the pair will grow to the levels of 1.4350–1.4450. The level of 1.4008 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.4008 with the targets at 1.4350–1.4450.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.4008 will let the pair go down to the level of 1.3780.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.4063
Take Profit 1.4350, 1.4450
Stop Loss 1.3970
Key Levels 1.3780, 1.4008, 1.4350, 1.4450
Alternative scenario
Recommendation SELL STOP
Entry Point 1.4000
Take Profit 1.3780
Stop Loss 1.4075
Key Levels 1.3780, 1.4008, 1.4350, 1.4450