The pair may grow.
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now, the first wave of the lower level i of 1 of (3) has formed, a local correction has ended as the wave ii of 1, which has taken a shape of an irregular flat, and the development of the third wave iii of 1 is beginning. If the assumption is correct, the pair will grow to the levels of 1.3432–1.3564. In this scenario, critical stop loss level is 1.3138.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3138 with the targets at 1.3432–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3138 will let the pair go down to the levels of 1.3014–1.2900.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3221
Take Profit 1.3432, 1.3564
Stop Loss 1.3138
Key Levels 1.2900, 1.3014, 1.3138, 1.3432, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3130
Take Profit 1.3014, 1.2900
Stop Loss 1.3190
Key Levels 1.2900, 1.3014, 1.3138, 1.3432, 1.3564
On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now, the first wave of the lower level i of 1 of (3) has formed, a local correction has ended as the wave ii of 1, which has taken a shape of an irregular flat, and the development of the third wave iii of 1 is beginning. If the assumption is correct, the pair will grow to the levels of 1.3432–1.3564. In this scenario, critical stop loss level is 1.3138.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3138 with the targets at 1.3432–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3138 will let the pair go down to the levels of 1.3014–1.2900.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3221
Take Profit 1.3432, 1.3564
Stop Loss 1.3138
Key Levels 1.2900, 1.3014, 1.3138, 1.3432, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3130
Take Profit 1.3014, 1.2900
Stop Loss 1.3190
Key Levels 1.2900, 1.3014, 1.3138, 1.3432, 1.3564
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.