The pair can lower.
On the 4-hour chart the first wave (1) of the higher level has formed, and the development of the downward correction (2) has begun. Locally the entering momentum i of A of (2) has formed, and the correction ii of A, which is taking a shape of an irregular flat, is ending. If the assumption is correct, the pair will fall to the level of 1.2780. The level of 1.3110 is critical for this scenario.
Main scenario
Short positions can be opened during the correction, below the level of 1.3110 with the target at 1.2780.
Alternative scenario
Breakout and consolidation of the price above the level of 1.3110 will let the pair grow to the level of 1.3265.
On the 4-hour chart the first wave (1) of the higher level has formed, and the development of the downward correction (2) has begun. Locally the entering momentum i of A of (2) has formed, and the correction ii of A, which is taking a shape of an irregular flat, is ending. If the assumption is correct, the pair will fall to the level of 1.2780. The level of 1.3110 is critical for this scenario.
Main scenario
Short positions can be opened during the correction, below the level of 1.3110 with the target at 1.2780.
Alternative scenario
Breakout and consolidation of the price above the level of 1.3110 will let the pair grow to the level of 1.3265.