The pair may grow.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), within which the wave C of (2) ended. Now, the formation of the third wave of the higher level has begun, within which the first wave of the lower level i of 1 of (3) is developing. If the assumption is correct, the pair will grow to the levels of 1.2543–1.2704. In this scenario, critical stop loss level is 1.2277.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2277 with the targets at 1.2543–1.2704. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2277 will let the pair go down to the levels of 1.1960–1.1800.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2410
Take Profit 1.2543, 1.2704
Stop Loss 1.2277
Key Levels 1.1800, 1.1960, 1.2277, 1.2543, 1.2704
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2270
Take Profit 1.1960, 1.1800
Stop Loss 1.2375
Key Levels 1.1800, 1.1960, 1.2277, 1.2543, 1.2704
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), within which the wave C of (2) ended. Now, the formation of the third wave of the higher level has begun, within which the first wave of the lower level i of 1 of (3) is developing. If the assumption is correct, the pair will grow to the levels of 1.2543–1.2704. In this scenario, critical stop loss level is 1.2277.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2277 with the targets at 1.2543–1.2704. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2277 will let the pair go down to the levels of 1.1960–1.1800.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2410
Take Profit 1.2543, 1.2704
Stop Loss 1.2277
Key Levels 1.1800, 1.1960, 1.2277, 1.2543, 1.2704
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2270
Take Profit 1.1960, 1.1800
Stop Loss 1.2375
Key Levels 1.1800, 1.1960, 1.2277, 1.2543, 1.2704