The pair is in a correction. The fall is possible.

On the 4-hour chart, the fifth wave 5 of (1) of the higher level is forming. Now the development of the third wave of the lower level iii             of 5 has ended, and the downward correction iv of 5 is forming. If the assumption is correct, the price will fall to the levels of 1.2340–1.2220. The level of 1.2540 is critical for this scenario.

Main scenario

Short positions will become relevant during the correction, below the level of 1.2540 with the targets at 1.2340–1.2220.

Alternative scenario

The breakout and the consolidation of the price above the level of 1.2540 will let the pair grow to the levels of 1.2650–1.2700.



Timeframe Weekly
Recommendation SELL
Entry Point 1.2495
Take Profit 1.2340, 1.2220
Stop Loss 1.2555
Key Levels 1.2220, 1.2340, 1.2540, 1.2650, 1.2700

Alternative scenario

Recommendation BUY STOP
Entry Point 1.2550
Take Profit 1.2650, 1.2700
Stop Loss 1.2490
Key Levels 1.2220, 1.2340, 1.2540, 1.2650, 1.2700
More analytic from LiteForex:
English https://www.liteforex.com/blog/?uid=880952068&cid=12118
Malay https://www.liteforex.my/trading/forex-analysis/?uid=880952068&cid=12118
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