The pair may grow.
On the 4-hour chart, the third wave of a higher level 3 develops. Now the third wave of a lower level iii of 3 is forming, within which the wave (iii) of iii is developing. If the assumption is correct, the pair will grow to the level of 1.3700. In this scenario, critical stop loss level is 1.3410.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3410 with the target at 1.3700. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3410 will let the pair go down to the levels of 1.3254–1.3158.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3602
Take Profit 1.3700
Stop Loss 1.3570
Key Levels 1.3158, 1.3254, 1.3410, 1.3700
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3405
Take Profit 1.3254, 1.3158
Stop Loss 1.3455
Key Levels 1.3158, 1.3254, 1.3410, 1.3700
On the 4-hour chart, the third wave of a higher level 3 develops. Now the third wave of a lower level iii of 3 is forming, within which the wave (iii) of iii is developing. If the assumption is correct, the pair will grow to the level of 1.3700. In this scenario, critical stop loss level is 1.3410.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3410 with the target at 1.3700. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3410 will let the pair go down to the levels of 1.3254–1.3158.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3602
Take Profit 1.3700
Stop Loss 1.3570
Key Levels 1.3158, 1.3254, 1.3410, 1.3700
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3405
Take Profit 1.3254, 1.3158
Stop Loss 1.3455
Key Levels 1.3158, 1.3254, 1.3410, 1.3700