The pair is growing.
On the 4-hour chart the development of the fourth wave (4) of the higher level has ended, and the formation of the wave (5) has begun. At the moment the first entering wave of the lower level i, within which the wave (iii) is developing, is forming. If the assumption is correct, the pair will grow to the level of 1.2660. The level of 1.2332 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 1.2332 with the target at 1.2660.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2332 will let the pair go down to the level of 1.2060.
On the 4-hour chart the development of the fourth wave (4) of the higher level has ended, and the formation of the wave (5) has begun. At the moment the first entering wave of the lower level i, within which the wave (iii) is developing, is forming. If the assumption is correct, the pair will grow to the level of 1.2660. The level of 1.2332 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 1.2332 with the target at 1.2660.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2332 will let the pair go down to the level of 1.2060.