The growth of the pair is expected.

On the 4-hour chart, the fifth wave 5 of (1) of the higher level is forming. Now the development of the downward correction as a fourth wave iv of 5, which has taken a form of a flat (a)(b)(c), has ended. If the assumption is correct, the price will grow to the levels of 1.2650–1.2700. The level of 1.2311 is critical for this scenario.

Main scenario

Long positions will become relevant during the correction, above the level of 1.2311 with the targets at 1.2650–1.2700.

Alternative scenario

The breakdown and the consolidation of the price below the level of 1.2311 will let the pair go down to the levels of 1.2220–1.2125.



Timeframe Weekly
Recommendation BUY
Entry Point 1.2393
Take Profit 1.2650, 1.2700
Stop Loss 1.2310
Key Levels 1.2125, 1.2220, 1.2311, 1.2650, 1.2700

Alternative scenario

Recommendation SELL STOP
Entry Point 1.2300
Take Profit 1.2220, 1.2125
Stop Loss 1.2360
Key Levels 1.2125, 1.2220, 1.2311, 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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