The pair may grow.
On the 4-hour chart, the downward correction of the higher level developed as the wave (2), within which the wave C of (2) formed as a momentum. Now, the development of the third wave (3) is beginning, within which the first wave of the lower level (i) of i of 1 of (3) is forming. If the assumption is correct, the pair will grow to the levels of 1.2650–1.2780. In this scenario, critical stop loss level is 1.2380.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2380 with the targets at 1.2650–1.2780. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2380 will let the pair go down to the levels of 1.2300–1.2200.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2533
Take Profit 1.2650, 1.2780
Stop Loss 1.2430
Key Levels 1.2200, 1.2300, 1.2380, 1.2650, 1.2780
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2370
Take Profit 1.2300, 1.2200
Stop Loss 1.2405
Key Levels 1.2200, 1.2300, 1.2380, 1.2650, 1.2780
On the 4-hour chart, the downward correction of the higher level developed as the wave (2), within which the wave C of (2) formed as a momentum. Now, the development of the third wave (3) is beginning, within which the first wave of the lower level (i) of i of 1 of (3) is forming. If the assumption is correct, the pair will grow to the levels of 1.2650–1.2780. In this scenario, critical stop loss level is 1.2380.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2380 with the targets at 1.2650–1.2780. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.2380 will let the pair go down to the levels of 1.2300–1.2200.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2533
Take Profit 1.2650, 1.2780
Stop Loss 1.2430
Key Levels 1.2200, 1.2300, 1.2380, 1.2650, 1.2780
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2370
Take Profit 1.2300, 1.2200
Stop Loss 1.2405
Key Levels 1.2200, 1.2300, 1.2380, 1.2650, 1.2780