The pair is in correction, the fall is possible.
On the 4-hour chart the upward correction has formed as a wave B of the higher level. Locally the wave C, within which the upward correction ii of C is forming, is developing. If the assumption is correct, the price will fall to the levels of 1.3218–1.3030 after the end of the correction. The level of 1.3543 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the wave ii below the level of 1.3543 with the targets at 1.3218–1.3030.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3543 will let the pair grow to the level of 1.3657.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3373
Take Profit 1.3218, 1.3030
Stop Loss 1.3435
Key Levels 1.3030, 1.3218, 1.3543, 1.3657
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3550
Take Profit 1.3657
Stop Loss 1.3490
Key Levels 1.3030, 1.3218, 1.3543, 1.3657
On the 4-hour chart the upward correction has formed as a wave B of the higher level. Locally the wave C, within which the upward correction ii of C is forming, is developing. If the assumption is correct, the price will fall to the levels of 1.3218–1.3030 after the end of the correction. The level of 1.3543 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the wave ii below the level of 1.3543 with the targets at 1.3218–1.3030.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3543 will let the pair grow to the level of 1.3657.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3373
Take Profit 1.3218, 1.3030
Stop Loss 1.3435
Key Levels 1.3030, 1.3218, 1.3543, 1.3657
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3550
Take Profit 1.3657
Stop Loss 1.3490
Key Levels 1.3030, 1.3218, 1.3543, 1.3657