The pair can decrease.
On the 4-hour chart, the downward correction of the higher level developed as a wave (2), and the development of the third wave (3) began. Now the first wave of the lower level i of 1 of (3) has formed, and the local correction is developing as a wave ii of 1, within which the wave (a) of ii is forming. If the assumption is correct, the pair will fall to the level of 1.2907. In this scenario, critical stop loss level is 1.3236.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3236 with the target at 1.2907. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3236 will let the pair grow to the level of 1.3510.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3085
Take Profit 1.2907
Stop Loss 1.3236
Key Levels 1.2907, 1.3236, 1.3510
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3240
Take Profit 1.3510
Stop Loss 1.3150
Key Levels 1.2907, 1.3236, 1.3510
On the 4-hour chart, the downward correction of the higher level developed as a wave (2), and the development of the third wave (3) began. Now the first wave of the lower level i of 1 of (3) has formed, and the local correction is developing as a wave ii of 1, within which the wave (a) of ii is forming. If the assumption is correct, the pair will fall to the level of 1.2907. In this scenario, critical stop loss level is 1.3236.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3236 with the target at 1.2907. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3236 will let the pair grow to the level of 1.3510.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3085
Take Profit 1.2907
Stop Loss 1.3236
Key Levels 1.2907, 1.3236, 1.3510
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3240
Take Profit 1.3510
Stop Loss 1.3150
Key Levels 1.2907, 1.3236, 1.3510