The pair may fall.
On the 4-hour chart, the wave of the higher level C of 2 develops. Now the fifth wave of the lower level v of C is forming, within which the upward correction as the wave iv of C has ended. If the assumption is correct, the pair will fall to the levels of 1.2475–1.2412. In this scenario, critical stop loss level is 1.2812.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2812 with the targets at 1.2475–1.2412. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2812 will let the pair grow to the levels of 1.2933–1.3175.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2654
Take Profit 1.2475, 1.2412
Stop Loss 1.2812
Key Levels 1.2412, 1.2475, 1.2812, 1.2933, 1.3175
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2820
Take Profit 1.2933, 1.3175
Stop Loss 1.2760
Key Levels 1.2412, 1.2475, 1.2812, 1.2933, 1.3175
On the 4-hour chart, the wave of the higher level C of 2 develops. Now the fifth wave of the lower level v of C is forming, within which the upward correction as the wave iv of C has ended. If the assumption is correct, the pair will fall to the levels of 1.2475–1.2412. In this scenario, critical stop loss level is 1.2812.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2812 with the targets at 1.2475–1.2412. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2812 will let the pair grow to the levels of 1.2933–1.3175.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2654
Take Profit 1.2475, 1.2412
Stop Loss 1.2812
Key Levels 1.2412, 1.2475, 1.2812, 1.2933, 1.3175
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2820
Take Profit 1.2933, 1.3175
Stop Loss 1.2760
Key Levels 1.2412, 1.2475, 1.2812, 1.2933, 1.3175