The pair is in a correction and can grow.
On the 4-hour chart, the fifth wave of the higher level v of 1 is developing. Now the third wave of the lower level (iii) of v is forming, within which the local correction iv of (iii) is ending. If the assumption is correct, the pair will grow to the level of 1.3500. The level of 1.3043 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3043 with the target at 1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3043 will let the pair go down to the levels of 1.2850–1.2735.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3139
Take Profit 1.3500
Stop Loss 1.3043
Key Levels 1.2735, 1.2850, 1.3043, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3035
Take Profit 1.2850, 1.2735
Stop Loss 1.3100
Key Levels 1.2735, 1.2850, 1.3043, 1.3500
On the 4-hour chart, the fifth wave of the higher level v of 1 is developing. Now the third wave of the lower level (iii) of v is forming, within which the local correction iv of (iii) is ending. If the assumption is correct, the pair will grow to the level of 1.3500. The level of 1.3043 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3043 with the target at 1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3043 will let the pair go down to the levels of 1.2850–1.2735.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3139
Take Profit 1.3500
Stop Loss 1.3043
Key Levels 1.2735, 1.2850, 1.3043, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3035
Take Profit 1.2850, 1.2735
Stop Loss 1.3100
Key Levels 1.2735, 1.2850, 1.3043, 1.3500