The pair may grow.
On the 4-hour chart, the third wave iii of the higher level iii of 3 develops. Now, the local correction (ii) of iii has developed, and the formation of the third wave of the lower level (iii) of iii has begun, within which the wave i of (iii) has formed as a wedge, and the local correction ii of (iii) has ended. If the assumption is correct, the pair will grow to the levels of 1.3660–1.3843. In this scenario, critical stop loss level is 1.3353.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3353 with the targets at 1.3660–1.3843. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3353 will let the pair go down to the levels of 1.3126–1.3066.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3448
Take Profit 1.3660, 1.3843
Stop Loss 1.3353
Key Levels 1.3066, 1.3126, 1.3353, 1.3660, 1.3843
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3350
Take Profit 1.3126, 1.3066
Stop Loss 1.3425
Key Levels 1.3066, 1.3126, 1.3353, 1.3660, 1.3843
On the 4-hour chart, the third wave iii of the higher level iii of 3 develops. Now, the local correction (ii) of iii has developed, and the formation of the third wave of the lower level (iii) of iii has begun, within which the wave i of (iii) has formed as a wedge, and the local correction ii of (iii) has ended. If the assumption is correct, the pair will grow to the levels of 1.3660–1.3843. In this scenario, critical stop loss level is 1.3353.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3353 with the targets at 1.3660–1.3843. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3353 will let the pair go down to the levels of 1.3126–1.3066.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3448
Take Profit 1.3660, 1.3843
Stop Loss 1.3353
Key Levels 1.3066, 1.3126, 1.3353, 1.3660, 1.3843
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3350
Take Profit 1.3126, 1.3066
Stop Loss 1.3425
Key Levels 1.3066, 1.3126, 1.3353, 1.3660, 1.3843