The pair may grow.
On the 4-hour chart, a downward correction developed as the wave 2 of (3). Now, a downward momentum has formed as the wave c of 2, and the development of the third wave 3 of (3) is beginning. If the assumption is correct, the pair will grow to the levels of 1.3178–1.3377. In this scenario, critical stop loss level is 1.2550.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2550 with the targets at 1.3178–1.3377. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2550 will let the pair go down to the level of 1.2241.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2701
Take Profit 1.3178, 1.3377
Stop Loss 1.2550
Key Levels 1.2241, 1.2550, 1.3178, 1.3377
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2540
Take Profit 1.2241
Stop Loss 1.2640
Key Levels 1.2241, 1.2550, 1.3178, 1.3377
On the 4-hour chart, a downward correction developed as the wave 2 of (3). Now, a downward momentum has formed as the wave c of 2, and the development of the third wave 3 of (3) is beginning. If the assumption is correct, the pair will grow to the levels of 1.3178–1.3377. In this scenario, critical stop loss level is 1.2550.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2550 with the targets at 1.3178–1.3377. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2550 will let the pair go down to the level of 1.2241.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2701
Take Profit 1.3178, 1.3377
Stop Loss 1.2550
Key Levels 1.2241, 1.2550, 1.3178, 1.3377
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2540
Take Profit 1.2241
Stop Loss 1.2640
Key Levels 1.2241, 1.2550, 1.3178, 1.3377