The pair may grow.
On the 4-hour chart, the correction of the higher level develops as a wave B of 2, shapes as flat. Now the wave c of B is developing, within which the entry momentum has formed as a wave (i) of c, and the local correction (ii) of c is ending. If the assumption is correct, after the end of the correction the pair will grow to the levels of 1.3305–1.3510. In this scenario, critical stop loss level is 1.2878.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2878 with the targets at 1.3305–1.3510. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2878 will let the pair go down to the levels of 1.2700–1.2550.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2875
Take Profit 1.3305, 1.3510
Stop Loss 1.2725
Key Levels 1.2550, 1.2700, 1.2878, 1.3305, 1.3510
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2865
Take Profit 1.2700, 1.2550
Stop Loss 1.2925
Key Levels 1.2550, 1.2700, 1.2878, 1.3305, 1.3510
On the 4-hour chart, the correction of the higher level develops as a wave B of 2, shapes as flat. Now the wave c of B is developing, within which the entry momentum has formed as a wave (i) of c, and the local correction (ii) of c is ending. If the assumption is correct, after the end of the correction the pair will grow to the levels of 1.3305–1.3510. In this scenario, critical stop loss level is 1.2878.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2878 with the targets at 1.3305–1.3510. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2878 will let the pair go down to the levels of 1.2700–1.2550.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2875
Take Profit 1.3305, 1.3510
Stop Loss 1.2725
Key Levels 1.2550, 1.2700, 1.2878, 1.3305, 1.3510
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2865
Take Profit 1.2700, 1.2550
Stop Loss 1.2925
Key Levels 1.2550, 1.2700, 1.2878, 1.3305, 1.3510