The pair can grow.
On the 4-hour chart, the first wave of the higher level 1 of (5) is developing. Now the fifth wave of the lower level v of 1 is forming, within which the wave (iii) of v is developing. If the assumption is correct, the pair will grow to the levels of 1.3126–1.3300. The level of 1.2815 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2815 with the targets at 1.3126–1.3300. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2815 will let the pair go down to the level of 1.2525.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2929
Take Profit 1.3126, 1.3300
Stop Loss 1.2815
Key Levels 1.2525, 1.2815, 1.3126, 1.3300
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2810
Take Profit 1.2525
Stop Loss 1.2905
Key Levels 1.2525, 1.2815, 1.3126, 1.3300
On the 4-hour chart, the first wave of the higher level 1 of (5) is developing. Now the fifth wave of the lower level v of 1 is forming, within which the wave (iii) of v is developing. If the assumption is correct, the pair will grow to the levels of 1.3126–1.3300. The level of 1.2815 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2815 with the targets at 1.3126–1.3300. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2815 will let the pair go down to the level of 1.2525.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2929
Take Profit 1.3126, 1.3300
Stop Loss 1.2815
Key Levels 1.2525, 1.2815, 1.3126, 1.3300
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2810
Take Profit 1.2525
Stop Loss 1.2905
Key Levels 1.2525, 1.2815, 1.3126, 1.3300