The correction is ending, the price can grow.
On the 4-hour chart, the fifth wave of the higher level v of 1 is developing. Now the formation of the local correction as a fourth wave (iv) of v is ending, within which the wave c of (iv) is ending. If the assumption is correct, after its end the pair will grow to the level of 1.3500. The level of 1.2986 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant after the rebound from the level of 1.2986 with the target at 1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2986 will let the pair go down to the level of 1.2740.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3045
Take Profit 1.3500
Stop Loss 1.2986
Key Levels 1.2740, 1.2986, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2980
Take Profit 1.2740
Stop Loss 1.3060
Key Levels 1.2740, 1.2986, 1.3500
On the 4-hour chart, the fifth wave of the higher level v of 1 is developing. Now the formation of the local correction as a fourth wave (iv) of v is ending, within which the wave c of (iv) is ending. If the assumption is correct, after its end the pair will grow to the level of 1.3500. The level of 1.2986 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant after the rebound from the level of 1.2986 with the target at 1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2986 will let the pair go down to the level of 1.2740.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3045
Take Profit 1.3500
Stop Loss 1.2986
Key Levels 1.2740, 1.2986, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2980
Take Profit 1.2740
Stop Loss 1.3060
Key Levels 1.2740, 1.2986, 1.3500