The pair may grow.
On the 4-hour chart, the correction of the higher level develops as a wave B of 2, taking a shape of flat. Now the wave c of B is developing, within which the local correction (ii) of c has ended, and the formation of the wave (iii) of c has begun. If the assumption is correct, the pair will grow to the level of 1.3305. In this scenario, critical stop loss level is 1.2724.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2724 with the target at 1.3305. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2724 will let the pair go down to the levels of 1.2550–1.2500.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2857
Take Profit 1.3305
Stop Loss 1.2724
Key Levels 1.2500, 1.2550, 1.2724, 1.3305
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2720
Take Profit 1.2550, 1.2500
Stop Loss 1.2780
Key Levels 1.2500, 1.2550, 1.2724, 1.3305
On the 4-hour chart, the correction of the higher level develops as a wave B of 2, taking a shape of flat. Now the wave c of B is developing, within which the local correction (ii) of c has ended, and the formation of the wave (iii) of c has begun. If the assumption is correct, the pair will grow to the level of 1.3305. In this scenario, critical stop loss level is 1.2724.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2724 with the target at 1.3305. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2724 will let the pair go down to the levels of 1.2550–1.2500.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2857
Take Profit 1.3305
Stop Loss 1.2724
Key Levels 1.2500, 1.2550, 1.2724, 1.3305
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2720
Take Profit 1.2550, 1.2500
Stop Loss 1.2780
Key Levels 1.2500, 1.2550, 1.2724, 1.3305