The pair is in a correction and can fall.
On the 4-hour chart, the fifth wave is forming 5 as a diagonal triangle within the first wave 1 of the higher level. Now the development of the third wave iii of 5 has ended, and the downward correction as a wave iv of 5 is forming, within which the decrease within the wave (c) of iv to the levels of 1.1903–1.1860 is expected. The level of 1.2089 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2089 with the targets at 1.1903–1.1860.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2089 will let the pair grow to the level of 1.2230.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2044
Take Profit 1.1903, 1.1860
Stop Loss 1.2110
Key Levels 1.1860, 1.1903, 1.2089, 1.2230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2095
Take Profit 1.2230
Stop Loss 1.2035
Key Levels 1.1860, 1.1903, 1.2089, 1.2230
On the 4-hour chart, the fifth wave is forming 5 as a diagonal triangle within the first wave 1 of the higher level. Now the development of the third wave iii of 5 has ended, and the downward correction as a wave iv of 5 is forming, within which the decrease within the wave (c) of iv to the levels of 1.1903–1.1860 is expected. The level of 1.2089 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2089 with the targets at 1.1903–1.1860.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2089 will let the pair grow to the level of 1.2230.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2044
Take Profit 1.1903, 1.1860
Stop Loss 1.2110
Key Levels 1.1860, 1.1903, 1.2089, 1.2230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2095
Take Profit 1.2230
Stop Loss 1.2035
Key Levels 1.1860, 1.1903, 1.2089, 1.2230