The trend is upward.
On the daily chart, the first wave of the higher level 1 of (5) is developing. Now the fifth wave of the lower level v of 1 is forming, within which the third wave (iii) of v is developing. If the assumption is correct, the pair will grow to the level of 1.3500. The level of 1.2946 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2946 with the target at 1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2946 will let the pair go down to the level of 1.2525.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3236
Take Profit 1.3500
Stop Loss 1.2975
Key Levels 1.2525, 1.2946, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2940
Take Profit 1.2525
Stop Loss 1.3080
Key Levels 1.2525, 1.2946, 1.3500
On the daily chart, the first wave of the higher level 1 of (5) is developing. Now the fifth wave of the lower level v of 1 is forming, within which the third wave (iii) of v is developing. If the assumption is correct, the pair will grow to the level of 1.3500. The level of 1.2946 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2946 with the target at 1.3500. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2946 will let the pair go down to the level of 1.2525.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3236
Take Profit 1.3500
Stop Loss 1.2975
Key Levels 1.2525, 1.2946, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2940
Take Profit 1.2525
Stop Loss 1.3080
Key Levels 1.2525, 1.2946, 1.3500