The downward correction continues.
On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. Now the first wave i of 3 has formed, and the downward correction is developing as a wave ii of 3, within which the wave (c) of ii is forming. If the assumption is correct, the pair will fall to the levels of 1.2690–1.2586. The level of 1.2941 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2941 with the targets at 1.2690–1.2586.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2941 will let the pair grow to the level of 1.3126.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2800
Take Profit 1.2690, 1.2586
Stop Loss 1.2860
Key Levels 1.2586, 1.2690, 1.2941, 1.3126
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2950
Take Profit 1.3126
Stop Loss 1.2890
Key Levels 1.2586, 1.2690, 1.2941, 1.3126
On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. Now the first wave i of 3 has formed, and the downward correction is developing as a wave ii of 3, within which the wave (c) of ii is forming. If the assumption is correct, the pair will fall to the levels of 1.2690–1.2586. The level of 1.2941 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2941 with the targets at 1.2690–1.2586.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2941 will let the pair grow to the level of 1.3126.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.2800
Take Profit 1.2690, 1.2586
Stop Loss 1.2860
Key Levels 1.2586, 1.2690, 1.2941, 1.3126
Alternative scenario
Recommendation BUY STOP
Entry Point 1.2950
Take Profit 1.3126
Stop Loss 1.2890
Key Levels 1.2586, 1.2690, 1.2941, 1.3126