The pair is falling.
On the 4-hour chart, a downward correction of the higher level develops as the wave (2), within which the wave C of (2) ends. Now, the fifth wave of the lower level v of C is developing, within which the wave (i) of v has formed, and the local correction (ii) of v is forming. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1900–1.1800. In this scenario, critical stop loss level is 1.2299.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2299 with the targets at 1.1900–1.1800. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2299 will let the pair grow to the levels of 1.2543–1.2704.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2107
Take Profit 1.1900, 1.1800
Stop Loss 1.2299
Key Levels 1.1800, 1.1900, 1.2299, 1.2543, 1.2704
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2305
Take Profit 1.2543, 1.2704
Stop Loss 1.2225
Key Levels 1.1800, 1.1900, 1.2299, 1.2543, 1.2704
On the 4-hour chart, a downward correction of the higher level develops as the wave (2), within which the wave C of (2) ends. Now, the fifth wave of the lower level v of C is developing, within which the wave (i) of v has formed, and the local correction (ii) of v is forming. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 1.1900–1.1800. In this scenario, critical stop loss level is 1.2299.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2299 with the targets at 1.1900–1.1800. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2299 will let the pair grow to the levels of 1.2543–1.2704.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2107
Take Profit 1.1900, 1.1800
Stop Loss 1.2299
Key Levels 1.1800, 1.1900, 1.2299, 1.2543, 1.2704
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2305
Take Profit 1.2543, 1.2704
Stop Loss 1.2225
Key Levels 1.1800, 1.1900, 1.2299, 1.2543, 1.2704