The pair may grow.
On the 4-hour chart, the correction of the higher level formed as the second wave ii of 3, and the development of the wave iii of 3 began. Now the first wave of the lower level (i) of iii has formed, and the local correction (ii) of iii has developed. If the assumption is correct, the pair will grow to the level of 1.3660. In this scenario, critical stop loss level is 1.3275.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3275 with the target at 1.3660. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3275 will let the pair go down to the levels of 1.3219–1.3126.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3369
Take Profit 1.3660
Stop Loss 1.3275
Key Levels 1.3126, 1.3219, 1.3275, 1.3660
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3270
Take Profit 1.3219, 1.3126
Stop Loss 1.3290
Key Levels 1.3126, 1.3219, 1.3275, 1.3660
On the 4-hour chart, the correction of the higher level formed as the second wave ii of 3, and the development of the wave iii of 3 began. Now the first wave of the lower level (i) of iii has formed, and the local correction (ii) of iii has developed. If the assumption is correct, the pair will grow to the level of 1.3660. In this scenario, critical stop loss level is 1.3275.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3275 with the target at 1.3660. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3275 will let the pair go down to the levels of 1.3219–1.3126.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3369
Take Profit 1.3660
Stop Loss 1.3275
Key Levels 1.3126, 1.3219, 1.3275, 1.3660
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3270
Take Profit 1.3219, 1.3126
Stop Loss 1.3290
Key Levels 1.3126, 1.3219, 1.3275, 1.3660