The pair can fall.
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave C of (2) is forming, within which the wave i of C is forming, and the upward correction is ending as a wave ii of C. If the assumption is correct, after the end of the correction the pair will fall to the levels of 1.2800–1.2580. The level of 1.3361 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3361 with the targets at 1.2800–1.2580. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3361 will let the pair grow to the level of 1.3553.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3165
Take Profit 1.2800, 1.2580
Stop Loss 1.3361
Key Levels 1.2580, 1.2800, 1.3361, 1.3553
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3370
Take Profit 1.3553
Stop Loss 1.3310
Key Levels 1.2580, 1.2800, 1.3361, 1.3553
On the 4-hour chart, the downward correction of the higher level is developing as a wave (2). Locally the wave C of (2) is forming, within which the wave i of C is forming, and the upward correction is ending as a wave ii of C. If the assumption is correct, after the end of the correction the pair will fall to the levels of 1.2800–1.2580. The level of 1.3361 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.3361 with the targets at 1.2800–1.2580. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3361 will let the pair grow to the level of 1.3553.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.3165
Take Profit 1.2800, 1.2580
Stop Loss 1.3361
Key Levels 1.2580, 1.2800, 1.3361, 1.3553
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3370
Take Profit 1.3553
Stop Loss 1.3310
Key Levels 1.2580, 1.2800, 1.3361, 1.3553