The pair may grow.
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave 1 of (3) forms as a wedge. Now the local correction of the lower level iv of 1 has developed, and the formation of the wave v of 1 has begun. If the assumption is correct, the pair will grow to the levels of 1.3429–1.3626. In this scenario, critical stop loss level is 1.2955.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2955 with the targets at 1.3429–1.3626. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2955 will let the pair go down to the levels of 1.2398–1.2168.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3099
Take Profit 1.3429, 1.3626
Stop Loss 1.2955
Key Levels 1.2168, 1.2398, 1.2955, 1.3429, 1.3626
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2950
Take Profit 1.2398, 1.2168
Stop Loss 1.3150
Key Levels 1.2168, 1.2398, 1.2955, 1.3429, 1.3626
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave 1 of (3) forms as a wedge. Now the local correction of the lower level iv of 1 has developed, and the formation of the wave v of 1 has begun. If the assumption is correct, the pair will grow to the levels of 1.3429–1.3626. In this scenario, critical stop loss level is 1.2955.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2955 with the targets at 1.3429–1.3626. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2955 will let the pair go down to the levels of 1.2398–1.2168.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3099
Take Profit 1.3429, 1.3626
Stop Loss 1.2955
Key Levels 1.2168, 1.2398, 1.2955, 1.3429, 1.3626
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2950
Take Profit 1.2398, 1.2168
Stop Loss 1.3150
Key Levels 1.2168, 1.2398, 1.2955, 1.3429, 1.3626