On the 4-hour chart, the third wave of the higher level (3) develops, within which a downward correction formed as the wave ii of 1 of (3). Now, the development of the third wave of the lower level iii of 1 of (3) is starting. If the assumption is correct, the pair will grow within the wave to the levels of 1.3349–1.3450. In this scenario, critical stop loss level is 1.3041.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3041 with the targets at 1.3349–1.3450. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3041 will let the pair go down to the level of 1.2849 and below.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 1.3137 Take Profit 1.3349, 1.3450 Stop Loss 1.3041 Key Levels 1.2849, 1.3041, 1.3349, 1.3450
Alternative scenario
Recommendation SELL STOP Entry Point 1.3035 Take Profit 1.2849 Stop Loss 1.3100 Key Levels 1.2849, 1.3041, 1.3349, 1.3450
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