The pair may decrease.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the third wave (3) began. Now the first wave of the lower level i of 1 of (3) has formed, and a local correction is developing as the wave ii of 1. If the assumption is correct, the pair will fall to the levels of 1.2806–1.2707. In this scenario, critical stop loss level is 1.3022.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3022 with the targets at 1.2806–1.2707. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3022 will let the pair grow to the levels of 1.3212–1.3390.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2866
Take Profit 1.2806, 1.2707
Stop Loss 1.2915
Key Levels 1.2707, 1.2806, 1.3022, 1.3212, 1.3390
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3030
Take Profit 1.3212, 1.3390
Stop Loss 1.2970
Key Levels 1.2707, 1.2806, 1.3022, 1.3212, 1.3390
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the third wave (3) began. Now the first wave of the lower level i of 1 of (3) has formed, and a local correction is developing as the wave ii of 1. If the assumption is correct, the pair will fall to the levels of 1.2806–1.2707. In this scenario, critical stop loss level is 1.3022.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3022 with the targets at 1.2806–1.2707. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3022 will let the pair grow to the levels of 1.3212–1.3390.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2866
Take Profit 1.2806, 1.2707
Stop Loss 1.2915
Key Levels 1.2707, 1.2806, 1.3022, 1.3212, 1.3390
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3030
Take Profit 1.3212, 1.3390
Stop Loss 1.2970
Key Levels 1.2707, 1.2806, 1.3022, 1.3212, 1.3390