The pair can grow.
On the 4-hour chart, the development of the downward correction as a wave 2 of (5) has ended. Now the formation of the third wave 3 of (5), within which the development of the entering momentum of the lower level i of 3 is ending, has begun. If the assumption is correct, the pair will grow to the level of 1.2920 after the end of the local correction ii of 3. The level of 1.2255 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction above the level of 1.2255 with the target at 1.2920.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2255 will let the pair go down to the level of 1.2180.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2565
Take Profit 1.2920
Stop Loss 1.2445
Key Levels 1.2180, 1.2255, 1.2920
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2250
Take Profit 1.2180
Stop Loss 1.2310
Key Levels 1.2180, 1.2255, 1.2920
On the 4-hour chart, the development of the downward correction as a wave 2 of (5) has ended. Now the formation of the third wave 3 of (5), within which the development of the entering momentum of the lower level i of 3 is ending, has begun. If the assumption is correct, the pair will grow to the level of 1.2920 after the end of the local correction ii of 3. The level of 1.2255 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction above the level of 1.2255 with the target at 1.2920.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2255 will let the pair go down to the level of 1.2180.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2565
Take Profit 1.2920
Stop Loss 1.2445
Key Levels 1.2180, 1.2255, 1.2920
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2250
Take Profit 1.2180
Stop Loss 1.2310
Key Levels 1.2180, 1.2255, 1.2920