The pair may grow.
On the 4-hour chart, the third wave of the higher level 3 develops, within which the local correction developed as the wave ii of 3. Now, the formation of the wave iii of 3 is beginning, within which the first wave of the lower level (i) of iii is developing. If the assumption is correct, the pair will grow to the levels of 1.3567–1.3700. In this scenario, critical stop loss level is 1.3237.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3237 with the targets at 1.3567–1.3700. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3237 will let the pair go down to the levels of 1.3109–1.3065.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3406
Take Profit 1.3567, 1.3700
Stop Loss 1.3245
Key Levels 1.3065, 1.3109, 1.3237, 1.3567, 1.3700
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3230
Take Profit 1.3109, 1.3065
Stop Loss 1.3290
Key Levels 1.3065, 1.3109, 1.3237, 1.3567, 1.3700
On the 4-hour chart, the third wave of the higher level 3 develops, within which the local correction developed as the wave ii of 3. Now, the formation of the wave iii of 3 is beginning, within which the first wave of the lower level (i) of iii is developing. If the assumption is correct, the pair will grow to the levels of 1.3567–1.3700. In this scenario, critical stop loss level is 1.3237.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3237 with the targets at 1.3567–1.3700. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3237 will let the pair go down to the levels of 1.3109–1.3065.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3406
Take Profit 1.3567, 1.3700
Stop Loss 1.3245
Key Levels 1.3065, 1.3109, 1.3237, 1.3567, 1.3700
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3230
Take Profit 1.3109, 1.3065
Stop Loss 1.3290
Key Levels 1.3065, 1.3109, 1.3237, 1.3567, 1.3700