The decreasing of the pair is expected.
On the 4-hour chart, the development of the fifth wave 5 of (1) of the higher level has ended. Locally the formation of the downward correction of the higher level as a wave (2) begins. If the assumption is correct, the pair will fall to the levels of 1.3631–1.3568 and further. The level of 1.3837 is critical for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3837 with the targets at 1.3631–1.3568.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3837 will let the pair grow to the level of 1.4000.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3768
Take Profit 1.3631, 1.3568
Stop Loss 1.3830
Key Levels 1.3568, 1.3631, 1.3837, 1.4000
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3840
Take Profit 1.4000
Stop Loss 1.3780
Key Levels 1.3568, 1.3631, 1.3837, 1.4000
On the 4-hour chart, the development of the fifth wave 5 of (1) of the higher level has ended. Locally the formation of the downward correction of the higher level as a wave (2) begins. If the assumption is correct, the pair will fall to the levels of 1.3631–1.3568 and further. The level of 1.3837 is critical for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3837 with the targets at 1.3631–1.3568.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3837 will let the pair grow to the level of 1.4000.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3768
Take Profit 1.3631, 1.3568
Stop Loss 1.3830
Key Levels 1.3568, 1.3631, 1.3837, 1.4000
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3840
Take Profit 1.4000
Stop Loss 1.3780
Key Levels 1.3568, 1.3631, 1.3837, 1.4000