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) began. Now the first wave of the lower level i of 1 of (3) is developing, within which the wave (iii) of i is forming. If the assumption is correct, the pair will grow to the levels of 1.3303–1.3391. In this scenario, critical stop loss level is 1.3006.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3006 with the target at 1.3303–1.3391. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3006 will let the pair go down to the levels of 1.2827–1.2665.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3103
Take Profit 1.3303, 1.3391
Stop Loss 1.3006
Key Levels 1.2665, 1.2827, 1.3006, 1.3303, 1.3391
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3000
Take Profit 1.2827, 1.2665
Stop Loss 1.3060
Key Levels 1.2665, 1.2827, 1.3006, 1.3303, 1.3391
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) began. Now the first wave of the lower level i of 1 of (3) is developing, within which the wave (iii) of i is forming. If the assumption is correct, the pair will grow to the levels of 1.3303–1.3391. In this scenario, critical stop loss level is 1.3006.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3006 with the target at 1.3303–1.3391. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3006 will let the pair go down to the levels of 1.2827–1.2665.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3103
Take Profit 1.3303, 1.3391
Stop Loss 1.3006
Key Levels 1.2665, 1.2827, 1.3006, 1.3303, 1.3391
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3000
Take Profit 1.2827, 1.2665
Stop Loss 1.3060
Key Levels 1.2665, 1.2827, 1.3006, 1.3303, 1.3391