The growth of the pair is expected.
On the 4-hour chart the development of the downward correction as a wave 2 of (5), shaped as flat, has ended. Now the formation of the third wave 3 of (5), within which the first wave of the lower level (i) is developing, has begun. If the assumption is correct, the pair will grow to the levels of 1.2660–1.2920. The level of 1.2353 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2353 with the targets at 1.2660–1.2920.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2353 will let the pair go down to the level of 1.2057.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2468
Take Profit 1.2660, 1.2920
Stop Loss 1.2405
Key Levels 1.2057, 1.2353, 1.2660, 1.2920
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2350
Take Profit 1.2057
Stop Loss 1.2447
Key Levels 1.2057, 1.2353, 1.2660, 1.2920
On the 4-hour chart the development of the downward correction as a wave 2 of (5), shaped as flat, has ended. Now the formation of the third wave 3 of (5), within which the first wave of the lower level (i) is developing, has begun. If the assumption is correct, the pair will grow to the levels of 1.2660–1.2920. The level of 1.2353 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2353 with the targets at 1.2660–1.2920.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2353 will let the pair go down to the level of 1.2057.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2468
Take Profit 1.2660, 1.2920
Stop Loss 1.2405
Key Levels 1.2057, 1.2353, 1.2660, 1.2920
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2350
Take Profit 1.2057
Stop Loss 1.2447
Key Levels 1.2057, 1.2353, 1.2660, 1.2920