The pair can grow.
On the 4-hour chart, the development of the downward correction of the higher level as a wave (2) has ended. Locally the formation of the third wave (3) begins, within which the small entering momentum has formed as a wave (i) of i. If the assumption is correct, the pair will grow to the levels of 1.3553–1.3715. The level of 1.3049 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3049 with the targets at 1.3553–1.3715. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3049 will let the pair go down to the level of 1.2926.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3318
Take Profit 1.3553, 1.3715
Stop Loss 1.3240
Key Levels 1.2926, 1.3049, 1.3553, 1.3715
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3040
Take Profit 1.2926
Stop Loss 1.3100
Key Levels 1.2926, 1.3049, 1.3553, 1.3715
On the 4-hour chart, the development of the downward correction of the higher level as a wave (2) has ended. Locally the formation of the third wave (3) begins, within which the small entering momentum has formed as a wave (i) of i. If the assumption is correct, the pair will grow to the levels of 1.3553–1.3715. The level of 1.3049 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3049 with the targets at 1.3553–1.3715. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3049 will let the pair go down to the level of 1.2926.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3318
Take Profit 1.3553, 1.3715
Stop Loss 1.3240
Key Levels 1.2926, 1.3049, 1.3553, 1.3715
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3040
Take Profit 1.2926
Stop Loss 1.3100
Key Levels 1.2926, 1.3049, 1.3553, 1.3715