The pair can grow.
On the 4-hour chart, the downward correction of the higher level develops as a wave 2, within which the wave b of 2 is forming. Now the wave (c) of b is developing, within which the wave v of (c) is forming. If the assumption is correct, the pair will grow to the level of 1.3227. In this scenario, critical stop loss level is 1.2924.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2924 with the target at 1.3227. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2924 will let the pair go down to the levels of 1.2735–1.2580.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3113
Take Profit 1.3227
Stop Loss 1.3055
Key Levels 1.2580, 1.2735, 1.2924, 1.3227
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2920
Take Profit 1.2735, 1.2580
Stop Loss 1.2985
Key Levels 1.2580, 1.2735, 1.2924, 1.3227
On the 4-hour chart, the downward correction of the higher level develops as a wave 2, within which the wave b of 2 is forming. Now the wave (c) of b is developing, within which the wave v of (c) is forming. If the assumption is correct, the pair will grow to the level of 1.3227. In this scenario, critical stop loss level is 1.2924.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2924 with the target at 1.3227. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2924 will let the pair go down to the levels of 1.2735–1.2580.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3113
Take Profit 1.3227
Stop Loss 1.3055
Key Levels 1.2580, 1.2735, 1.2924, 1.3227
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2920
Take Profit 1.2735, 1.2580
Stop Loss 1.2985
Key Levels 1.2580, 1.2735, 1.2924, 1.3227