The pair can decrease.
On the 4-hour chart, the downward correction develops as a wave 2. Now the wave a of 2 of the lower level has formed, and the wave b of 2 i, which has reached the correctional level of 62%, is ending. If the assumption is correct, the pair will fall to the levels of 1.2820–1.2740 within the wave c of 2. In this scenario, critical stop loss level is 1.3381.
Main scenario
Short positions will become relevant below the level of 1.3381 with the targets at 1.2820–1.2740. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3381 will let the pair grow to the level of 1.3500.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3196
Take Profit 1.2820, 1.2740
Stop Loss 1.3381
Key Levels 1.2740, 1.2820, 1.3381, 1.3500
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3390
Take Profit 1.3500
Stop Loss 1.3330
Key Levels 1.2740, 1.2820, 1.3381, 1.3500
On the 4-hour chart, the downward correction develops as a wave 2. Now the wave a of 2 of the lower level has formed, and the wave b of 2 i, which has reached the correctional level of 62%, is ending. If the assumption is correct, the pair will fall to the levels of 1.2820–1.2740 within the wave c of 2. In this scenario, critical stop loss level is 1.3381.
Main scenario
Short positions will become relevant below the level of 1.3381 with the targets at 1.2820–1.2740. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3381 will let the pair grow to the level of 1.3500.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3196
Take Profit 1.2820, 1.2740
Stop Loss 1.3381
Key Levels 1.2740, 1.2820, 1.3381, 1.3500
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3390
Take Profit 1.3500
Stop Loss 1.3330
Key Levels 1.2740, 1.2820, 1.3381, 1.3500