The pair can decrease.
On the 4-hour chart, the downward correction is forming as a wave ii of 3. Now the wave (c) of ii, within which the third wave of the lower level iii of (c) has ended, is developing. If the assumption is correct, after the local correction iv of (c) the pair will fall to the level of 1.2444. The level of 1.2680 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2680 with the target at 1.2444.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2680 will let the pair grow to the level of 1.2939.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2587
Take Profit 1.2444
Stop Loss 1.2645
Key Levels 1.2444, 1.2680, 1.2939
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2690
Take Profit 1.2939
Stop Loss 1.2605
Key Levels 1.2444, 1.2680, 1.2939
On the 4-hour chart, the downward correction is forming as a wave ii of 3. Now the wave (c) of ii, within which the third wave of the lower level iii of (c) has ended, is developing. If the assumption is correct, after the local correction iv of (c) the pair will fall to the level of 1.2444. The level of 1.2680 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2680 with the target at 1.2444.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2680 will let the pair grow to the level of 1.2939.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2587
Take Profit 1.2444
Stop Loss 1.2645
Key Levels 1.2444, 1.2680, 1.2939
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2690
Take Profit 1.2939
Stop Loss 1.2605
Key Levels 1.2444, 1.2680, 1.2939