The pair can fall.
On the 4-hour chart, the fifth wave of the higher level v of 1 is developing. Now the formation of the third wave of the lower level (iii) of v has ended. If the assumption is correct, the pair will fall within the fourth wave (iv) of v to the levels of 1.3108–1.3036. The level of 1.3340 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3340 with the targets at 1.3108–1.3036. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3340 will let the pair grow to the level of 1.3500.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3298
Take Profit 1.3108, 1.3036
Stop Loss 1.3340
Key Levels 1.3036, 1.3108, 1.3340, 1.3500
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3350
Take Profit 1.3500
Stop Loss 1.3290
Key Levels 1.3036, 1.3108, 1.3340, 1.3500
On the 4-hour chart, the fifth wave of the higher level v of 1 is developing. Now the formation of the third wave of the lower level (iii) of v has ended. If the assumption is correct, the pair will fall within the fourth wave (iv) of v to the levels of 1.3108–1.3036. The level of 1.3340 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3340 with the targets at 1.3108–1.3036. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3340 will let the pair grow to the level of 1.3500.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3298
Take Profit 1.3108, 1.3036
Stop Loss 1.3340
Key Levels 1.3036, 1.3108, 1.3340, 1.3500
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3350
Take Profit 1.3500
Stop Loss 1.3290
Key Levels 1.3036, 1.3108, 1.3340, 1.3500