On the 4-hour chart the fifth wave 5 of (1) of the higher level is developing. Locally the wave v of 5 of the lower level is forming, within which the pair will grow to the levels of 1.3657–1.3700. The level of 1.3494 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 1.3494 with the targets at 1.3657–1.3700.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3494 will let the pair go down to the level of 1.3296.
Trade
Scenario
Timeframe Weekly Recommendation BUY Entry Point 1.3524 Take Profit 1.3657, 1.3700 Stop Loss 1.3460 Key Levels 1.3296, 1.3494, 1.3657, 1.3700
Alternative scenario
Recommendation SELL STOP Entry Point 1.3490 Take Profit 1.3296 Stop Loss 1.3550 Key Levels 1.3296, 1.3494, 1.3657, 1.3700