The pair may grow.
On the 4-hour chart, the wave C of (2) developed as a wedge, within which the fifth wave v of C formed. Now the first wave of the lower level i of (i) and the correction ii of (i) have formed. If the assumption is correct, the pair will grow to the levels of 1.2932–1.3175. In this scenario, critical stop loss level is 1.2470.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2470 with the targets at 1.2932–1.3175. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2470 will let the pair go down to the level of 1.2353.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2668
Take Profit 1.2932, 1.3175
Stop Loss 1.2470
Key Levels 1.2353, 1.2470, 1.2932, 1.3175
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2465
Take Profit 1.2353
Stop Loss 1.2505
Key Levels 1.2353, 1.2470, 1.2932, 1.3175
On the 4-hour chart, the wave C of (2) developed as a wedge, within which the fifth wave v of C formed. Now the first wave of the lower level i of (i) and the correction ii of (i) have formed. If the assumption is correct, the pair will grow to the levels of 1.2932–1.3175. In this scenario, critical stop loss level is 1.2470.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2470 with the targets at 1.2932–1.3175. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2470 will let the pair go down to the level of 1.2353.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2668
Take Profit 1.2932, 1.3175
Stop Loss 1.2470
Key Levels 1.2353, 1.2470, 1.2932, 1.3175
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2465
Take Profit 1.2353
Stop Loss 1.2505
Key Levels 1.2353, 1.2470, 1.2932, 1.3175