The pair may grow.
On the 4-hour chart, the first wave of the higher level 1 of (3) formed as a wedge, and a downward correction is developing as the wave 2 of (3). Now the wave c of 2 is forming. If the assumption is correct, the pair will fall to the levels of 1.2890–1.2773. In this scenario, critical stop loss level is 1.3131.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3131 with the targets at 1.2890–1.2773. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3131 will let the pair grow to the levels of 1.3429–1.3626.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2984
Take Profit 1.2890, 1.2773
Stop Loss 1.3015
Key Levels 1.2773, 1.2890, 1.3131, 1.3429, 1.3626
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3135
Take Profit 1.3429, 1.3626
Stop Loss 1.3035
Key Levels 1.2773, 1.2890, 1.3131, 1.3429, 1.3626
On the 4-hour chart, the first wave of the higher level 1 of (3) formed as a wedge, and a downward correction is developing as the wave 2 of (3). Now the wave c of 2 is forming. If the assumption is correct, the pair will fall to the levels of 1.2890–1.2773. In this scenario, critical stop loss level is 1.3131.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3131 with the targets at 1.2890–1.2773. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3131 will let the pair grow to the levels of 1.3429–1.3626.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2984
Take Profit 1.2890, 1.2773
Stop Loss 1.3015
Key Levels 1.2773, 1.2890, 1.3131, 1.3429, 1.3626
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3135
Take Profit 1.3429, 1.3626
Stop Loss 1.3035
Key Levels 1.2773, 1.2890, 1.3131, 1.3429, 1.3626