The pair is in a correction and may grow.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now, the first wave 1 of (3) is developing, within which the wave i of 1 of the lower level has formed, and a local correction is developing as the wave ii of 1, which is taking a shape of an irregular flat. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.3432–1.3564. In this scenario, critical stop loss level is 1.3141.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.3141 with the targets at 1.3432–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3141 will let the pair go down to the levels of 1.3014–1.2900.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3217
Take Profit 1.3432, 1.3564
Stop Loss 1.3141
Key Levels 1.2900, 1.3014, 1.3141, 1.3432, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3135
Take Profit 1.3014, 1.2900
Stop Loss 1.3195
Key Levels 1.2900, 1.3014, 1.3141, 1.3432, 1.3564
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now, the first wave 1 of (3) is developing, within which the wave i of 1 of the lower level has formed, and a local correction is developing as the wave ii of 1, which is taking a shape of an irregular flat. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 1.3432–1.3564. In this scenario, critical stop loss level is 1.3141.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 1.3141 with the targets at 1.3432–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3141 will let the pair go down to the levels of 1.3014–1.2900.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3217
Take Profit 1.3432, 1.3564
Stop Loss 1.3141
Key Levels 1.2900, 1.3014, 1.3141, 1.3432, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3135
Take Profit 1.3014, 1.2900
Stop Loss 1.3195
Key Levels 1.2900, 1.3014, 1.3141, 1.3432, 1.3564