The pair may grow.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the third wave (3) started. Now, the first wave of the lower level i of 1 of (3) has formed, and a downward correction has developed as the wave ii of 1, which has reached the correctional level of 62%. If the assumption is correct, the pair will grow to the levels of 1.2704–1.2867. In this scenario, critical stop loss level is 1.2197.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2197 with the targets at 1.2704–1.2867. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2197 will let the pair go down to the level of 1.1957.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2449
Take Profit 1.2704, 1.2867
Stop Loss 1.2197
Key Levels 1.1957, 1.2197, 1.2704, 1.2867
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2185
Take Profit 1.1957
Stop Loss 1.2260
Key Levels 1.1957, 1.2197, 1.2704, 1.2867
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the third wave (3) started. Now, the first wave of the lower level i of 1 of (3) has formed, and a downward correction has developed as the wave ii of 1, which has reached the correctional level of 62%. If the assumption is correct, the pair will grow to the levels of 1.2704–1.2867. In this scenario, critical stop loss level is 1.2197.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2197 with the targets at 1.2704–1.2867. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2197 will let the pair go down to the level of 1.1957.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2449
Take Profit 1.2704, 1.2867
Stop Loss 1.2197
Key Levels 1.1957, 1.2197, 1.2704, 1.2867
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2185
Take Profit 1.1957
Stop Loss 1.2260
Key Levels 1.1957, 1.2197, 1.2704, 1.2867