The pair is in correction and can fall.
On the 4-hour chart, the fifth wave 5 is forming as a diagonal triangle within the first wave 1 of the higher level. At the moment the development of the third wave iii of 5 has ended, and a downward correction is forming as a wave iv of 5. If the assumption is correct, the pair will fall to the levels of 1.1903–1.1860. The level of 1.2089 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2089 with the targets at 1.1903–1.1860.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2089 will let the pair grow to the level of 1.2230.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1962
Take Profit 1.1903, 1.1860
Stop Loss 1.2020
Key Levels 1.1860, 1.1903, 1.2089, 1.2230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2095
Take Profit 1.2230
Stop Loss 1.2035
Key Levels 1.1860, 1.1903, 1.2089, 1.2230
On the 4-hour chart, the fifth wave 5 is forming as a diagonal triangle within the first wave 1 of the higher level. At the moment the development of the third wave iii of 5 has ended, and a downward correction is forming as a wave iv of 5. If the assumption is correct, the pair will fall to the levels of 1.1903–1.1860. The level of 1.2089 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2089 with the targets at 1.1903–1.1860.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2089 will let the pair grow to the level of 1.2230.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.1962
Take Profit 1.1903, 1.1860
Stop Loss 1.2020
Key Levels 1.1860, 1.1903, 1.2089, 1.2230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2095
Take Profit 1.2230
Stop Loss 1.2035
Key Levels 1.1860, 1.1903, 1.2089, 1.2230