The pair can grow.
On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. At the moment the wave iii of 3 is developing, within which the entering momentum of the lower level (i) of iii has formed, and the development of the downward correction (ii) of iii is ending. If the assumption is correct, the pair will grow to the levels of 1.2846–1.2922. The level of 1.2567 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction above the level of 1.2567 with the targets at 1.2846–1.2922.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2567 will let the pair go down to the level of 1.2450.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2619
Take Profit 1.2846, 1.2922
Stop Loss 1.2545
Key Levels 1.2450, 1.2567, 1.2846, 1.2922
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2560
Take Profit 1.2450
Stop Loss 1.2620
Key Levels 1.2450, 1.2567, 1.2846, 1.2922
On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. At the moment the wave iii of 3 is developing, within which the entering momentum of the lower level (i) of iii has formed, and the development of the downward correction (ii) of iii is ending. If the assumption is correct, the pair will grow to the levels of 1.2846–1.2922. The level of 1.2567 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction above the level of 1.2567 with the targets at 1.2846–1.2922.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2567 will let the pair go down to the level of 1.2450.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2619
Take Profit 1.2846, 1.2922
Stop Loss 1.2545
Key Levels 1.2450, 1.2567, 1.2846, 1.2922
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2560
Take Profit 1.2450
Stop Loss 1.2620
Key Levels 1.2450, 1.2567, 1.2846, 1.2922