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) started. Now, a local correction has ended as the wave ii of 1, shaped as an irregular flat, and the development of the third wave iii of 1 has begun, within which the wave (i) of iii of the lower level is forming. If the assumption is correct, the pair will grow to the levels of 1.3384–1.3564. In this scenario, critical stop loss level is 1.3210.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3210 with the targets at 1.3384–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3210 will let the pair go down to the levels of 1.3127–1.3014.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3260
Take Profit 1.3384, 1.3564
Stop Loss 1.3210
Key Levels 1.3014, 1.3127, 1.3210, 1.3384, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3200
Take Profit 1.3127, 1.3014
Stop Loss 1.3235
Key Levels 1.3014, 1.3127, 1.3210, 1.3384, 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) started. Now, a local correction has ended as the wave ii of 1, shaped as an irregular flat, and the development of the third wave iii of 1 has begun, within which the wave (i) of iii of the lower level is forming. If the assumption is correct, the pair will grow to the levels of 1.3384–1.3564. In this scenario, critical stop loss level is 1.3210.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3210 with the targets at 1.3384–1.3564. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3210 will let the pair go down to the levels of 1.3127–1.3014.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3260
Take Profit 1.3384, 1.3564
Stop Loss 1.3210
Key Levels 1.3014, 1.3127, 1.3210, 1.3384, 1.3564
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3200
Take Profit 1.3127, 1.3014
Stop Loss 1.3235
Key Levels 1.3014, 1.3127, 1.3210, 1.3384, 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.