The pair can decrease.
On the daily chart, the downward correction of the higher level develops as a wave 2, taking a flat shape. Now the wave b of 2 has formed, and the formation of the wave c of 2 is beginning. If the assumption is correct, the pair will fall to the level of 1.2887. In this scenario, critical stop loss level is 1.3388.
Main scenario
Short positions will become relevant below the level of 1.3388 with the target at 1.2887. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3388 will let the pair grow to the level of 1.3574.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3265
Take Profit 1.2887, 1.2735
Stop Loss 1.3388
Key Levels 1.2887, 1.3388, 1.3574
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3395
Take Profit 1.3574
Stop Loss 1.3335
Key Levels 1.2887, 1.3388, 1.3574
On the daily chart, the downward correction of the higher level develops as a wave 2, taking a flat shape. Now the wave b of 2 has formed, and the formation of the wave c of 2 is beginning. If the assumption is correct, the pair will fall to the level of 1.2887. In this scenario, critical stop loss level is 1.3388.
Main scenario
Short positions will become relevant below the level of 1.3388 with the target at 1.2887. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3388 will let the pair grow to the level of 1.3574.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3265
Take Profit 1.2887, 1.2735
Stop Loss 1.3388
Key Levels 1.2887, 1.3388, 1.3574
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3395
Take Profit 1.3574
Stop Loss 1.3335
Key Levels 1.2887, 1.3388, 1.3574