The correction continues.
On the 4-hour chart, the horizontal correction is forming as a fourth wave (4) of the higher level, which has transformed form a triangle into a flat. Now the downward momentum is developing as a wave C of (4). If the assumption is correct, the pair will fall to the level of 1.2137. The level of 1.2292 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2292 with the target at 1.2137.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2292 will let the pair grow to the level of 1.2414.
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 1.2202
Take Profit 1.2137
Stop Loss 1.2260
Key Levels 1.2137, 1.2292, 1.2414
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2300
Take Profit 1.2414
Stop Loss 1.2240
Key Levels 1.2137, 1.2292, 1.2414
On the 4-hour chart, the horizontal correction is forming as a fourth wave (4) of the higher level, which has transformed form a triangle into a flat. Now the downward momentum is developing as a wave C of (4). If the assumption is correct, the pair will fall to the level of 1.2137. The level of 1.2292 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2292 with the target at 1.2137.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2292 will let the pair grow to the level of 1.2414.
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 1.2202
Take Profit 1.2137
Stop Loss 1.2260
Key Levels 1.2137, 1.2292, 1.2414
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2300
Take Profit 1.2414
Stop Loss 1.2240
Key Levels 1.2137, 1.2292, 1.2414