The pair can decrease.
On the 4-hour chart, the downward correction develops as a wave 2. Now the wave c of 2 is forming, within which the local correction has ended as a wave (iv) of c, and the formation of the wave (v) of c is beginning. If the assumption is correct, the pair will fall to the level of 1.2740. In this scenario, critical stop loss level is 1.3012.
Main scenario
Short positions will become relevant below the level of 1.3012 with the target at 1.2740. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3012 will let the pair grow to the level of 1.3227.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2930
Take Profit 1.2740
Stop Loss 1.3012
Key Levels 1.2740, 1.3012, 1.3012, 1.3227
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3020
Take Profit 1.3227
Stop Loss 1.2950
Key Levels 1.2740, 1.3012, 1.3012, 1.3227
On the 4-hour chart, the downward correction develops as a wave 2. Now the wave c of 2 is forming, within which the local correction has ended as a wave (iv) of c, and the formation of the wave (v) of c is beginning. If the assumption is correct, the pair will fall to the level of 1.2740. In this scenario, critical stop loss level is 1.3012.
Main scenario
Short positions will become relevant below the level of 1.3012 with the target at 1.2740. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3012 will let the pair grow to the level of 1.3227.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2930
Take Profit 1.2740
Stop Loss 1.3012
Key Levels 1.2740, 1.3012, 1.3012, 1.3227
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3020
Take Profit 1.3227
Stop Loss 1.2950
Key Levels 1.2740, 1.3012, 1.3012, 1.3227