The correction is ending, the pair may grow.
On the 4-hour chart, the third wave of the higher level 3 develops, within which the wave i of 3 formed. Now, the formation of a downward correction as the wave ii of 3, shaped as zigzag, is ending. 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 1.3060.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3060 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 1.3060 will let the pair go down to the level of 1.2910.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3192
Take Profit 1.3567, 1.3700
Stop Loss 1.3060
Key Levels 1.2910, 1.3060, 1.3567, 1.3700
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3050
Take Profit 1.2910
Stop Loss 1.3110
Key Levels 1.2910, 1.3060, 1.3567, 1.3700
On the 4-hour chart, the third wave of the higher level 3 develops, within which the wave i of 3 formed. Now, the formation of a downward correction as the wave ii of 3, shaped as zigzag, is ending. 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 1.3060.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3060 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 1.3060 will let the pair go down to the level of 1.2910.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3192
Take Profit 1.3567, 1.3700
Stop Loss 1.3060
Key Levels 1.2910, 1.3060, 1.3567, 1.3700
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3050
Take Profit 1.2910
Stop Loss 1.3110
Key Levels 1.2910, 1.3060, 1.3567, 1.3700