On the 4-hour chart the upward correction has formed as a wave B of the higher level. Locally the wave C, within which the upward correction ii of C is forming, is developing. If the assumption is correct, the price will fall to the levels of 1.3218–1.3030 after the end of the correction. The level of 1.3543 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the wave ii below the level of 1.3543 with the targets at 1.3218–1.3030.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3543 will let the pair grow to the level of 1.3657.
Trade
Scenario
Timeframe Weekly Recommendation SELL Entry Point 1.3373 Take Profit 1.3218, 1.3030 Stop Loss 1.3435 Key Levels 1.3030, 1.3218, 1.3543, 1.3657
Alternative scenario
Recommendation BUY STOP Entry Point 1.3550 Take Profit 1.3657 Stop Loss 1.3490 Key Levels 1.3030, 1.3218, 1.3543, 1.3657