The pair may grow.
On the 4-hour chart, the third wave of the higher level 3 develops. Now, the first wave of the lower level i of 3 has formed as a wedge, a local correction has developed as the wave ii of 3, which has reached of the level 62%, and the formation of the wave iii of 3 is beginning. If the assumption is correct, the pair will grow to the levels of 1.3431–1.3567. In this scenario, critical stop loss level is 1.3237.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3237 with the targets at 1.3431–1.3567. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3237 will let the pair go down to the levels of 1.3109–1.3065.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3326
Take Profit 1.3431, 1.3567
Stop Loss 1.3237
Key Levels 1.3065, 1.3109, 1.3237, 1.3431, 1.3567
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3230
Take Profit 1.3109, 1.3065
Stop Loss 1.3290
Key Levels 1.3065, 1.3109, 1.3237, 1.3431, 1.3567
On the 4-hour chart, the third wave of the higher level 3 develops. Now, the first wave of the lower level i of 3 has formed as a wedge, a local correction has developed as the wave ii of 3, which has reached of the level 62%, and the formation of the wave iii of 3 is beginning. If the assumption is correct, the pair will grow to the levels of 1.3431–1.3567. In this scenario, critical stop loss level is 1.3237.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3237 with the targets at 1.3431–1.3567. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3237 will let the pair go down to the levels of 1.3109–1.3065.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3326
Take Profit 1.3431, 1.3567
Stop Loss 1.3237
Key Levels 1.3065, 1.3109, 1.3237, 1.3431, 1.3567
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3230
Take Profit 1.3109, 1.3065
Stop Loss 1.3290
Key Levels 1.3065, 1.3109, 1.3237, 1.3431, 1.3567