The pair can fall.
On the 4-hour chart, the downward correction develops as a wave 2. Now the wave c of 2 is forming, within which the third wave of the lower level (iii) of c has formed, and the local correction is ending as a wave (iv) of c. If the assumption is correct, the pair will fall to the levels of 1.2740–1.2580. In this scenario, critical stop loss level is 1.3084.
Main scenario
Short positions will become relevant after the end of the correction below the level of 1.3084 with the targets at 1.2740–1.2580. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3084 will let the pair grow to the level of 1.3227.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2920
Take Profit 1.2740, 1.2580
Stop Loss 1.3084
Key Levels 1.2580, 1.2740, 1.3084, 1.3227
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3095
Take Profit 1.3227
Stop Loss 1.3050
Key Levels 1.2580, 1.2740, 1.3084, 1.3227
On the 4-hour chart, the downward correction develops as a wave 2. Now the wave c of 2 is forming, within which the third wave of the lower level (iii) of c has formed, and the local correction is ending as a wave (iv) of c. If the assumption is correct, the pair will fall to the levels of 1.2740–1.2580. In this scenario, critical stop loss level is 1.3084.
Main scenario
Short positions will become relevant after the end of the correction below the level of 1.3084 with the targets at 1.2740–1.2580. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3084 will let the pair grow to the level of 1.3227.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2920
Take Profit 1.2740, 1.2580
Stop Loss 1.3084
Key Levels 1.2580, 1.2740, 1.3084, 1.3227
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3095
Take Profit 1.3227
Stop Loss 1.3050
Key Levels 1.2580, 1.2740, 1.3084, 1.3227