The pair may fall.
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave i of 1 of (3) formed, and a local correction developed as the wave ii of 1. Now the formation of the wave iii of 1 has begun, within which the wave (i) of iii of the lower level has formed. If the assumption is correct, the pair will fall within the wave (ii) of iii to the levels of 1.2940–1.2902. In this scenario, critical stop loss level is 1.3110.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3110 with the targets at 1.2940–1.2902. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3110 will let the pair go up to the levels of 1.3212–1.3390.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3032
Take Profit 1.2940, 1.2902
Stop Loss 1.3110
Key Levels 1.2902, 1.2940, 1.3110, 1.3212, 1.3390
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3115
Take Profit 1.3212, 1.3390
Stop Loss 1.3055
Key Levels 1.2902, 1.2940, 1.3110, 1.3212, 1.3390
On the 4-hour chart, the third wave of the higher level (3) forms, within which the wave i of 1 of (3) formed, and a local correction developed as the wave ii of 1. Now the formation of the wave iii of 1 has begun, within which the wave (i) of iii of the lower level has formed. If the assumption is correct, the pair will fall within the wave (ii) of iii to the levels of 1.2940–1.2902. In this scenario, critical stop loss level is 1.3110.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3110 with the targets at 1.2940–1.2902. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3110 will let the pair go up to the levels of 1.3212–1.3390.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3032
Take Profit 1.2940, 1.2902
Stop Loss 1.3110
Key Levels 1.2902, 1.2940, 1.3110, 1.3212, 1.3390
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3115
Take Profit 1.3212, 1.3390
Stop Loss 1.3055
Key Levels 1.2902, 1.2940, 1.3110, 1.3212, 1.3390