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 wave (3) began. Now, the first wave of the lower level 1 of (3) is forming, within which the wave ii of 1 has ended, and the wave iii of 1 is developing. If the assumption is correct, the pair will grow to the levels of 1.3432–1.3564. In this scenario, critical stop loss level is 1.3249.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3249 with the targets at 1.3432–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3249 will let the pair go down to the levels of 1.3178–1.3102.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3318
Take Profit 1.3432, 1.3564
Stop Loss 1.3249
Key Levels 1.3102, 1.3178, 1.3249, 1.3432, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3240
Take Profit 1.3178, 1.3102
Stop Loss 1.3260
Key Levels 1.3102, 1.3178, 1.3249, 1.3432, 1.3564
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now, the first wave of the lower level 1 of (3) is forming, within which the wave ii of 1 has ended, and the wave iii of 1 is developing. If the assumption is correct, the pair will grow to the levels of 1.3432–1.3564. In this scenario, critical stop loss level is 1.3249.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3249 with the targets at 1.3432–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3249 will let the pair go down to the levels of 1.3178–1.3102.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3318
Take Profit 1.3432, 1.3564
Stop Loss 1.3249
Key Levels 1.3102, 1.3178, 1.3249, 1.3432, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3240
Take Profit 1.3178, 1.3102
Stop Loss 1.3260
Key Levels 1.3102, 1.3178, 1.3249, 1.3432, 1.3564