The pair can grow within the correction.
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave and of (2) has formed, within which the development of the fifth wave v of A has ended. If the assumption is correct, the pair will grow to the levels of 1.3548–1.3707. The level of 1.3293 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 1.3293 with the targets at 1.3548–1.3707. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3293 will let the pair go down to the level of 1.3160.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3326
Take Profit 1.3548, 1.3707
Stop Loss 1.3250
Key Levels 1.3160, 1.3293, 1.3548, 1.3707
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3290
Take Profit 1.3160
Stop Loss 1.3350
Key Levels 1.3160, 1.3293, 1.3548, 1.3707
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave and of (2) has formed, within which the development of the fifth wave v of A has ended. If the assumption is correct, the pair will grow to the levels of 1.3548–1.3707. The level of 1.3293 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant above the level of 1.3293 with the targets at 1.3548–1.3707. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3293 will let the pair go down to the level of 1.3160.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3326
Take Profit 1.3548, 1.3707
Stop Loss 1.3250
Key Levels 1.3160, 1.3293, 1.3548, 1.3707
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3290
Take Profit 1.3160
Stop Loss 1.3350
Key Levels 1.3160, 1.3293, 1.3548, 1.3707