The pair may grow.
On the 4-hour chart, a downward correction of the higher level formed as the wave ii of 1 of (3), and the third wave iii of 1 of (3) started developing. Now, the first wave of the lower level (i) of iii has formed, and the local correction (ii) of iii has developed. If the assumption is correct, the pair will grow to the levels of 1.3349–1.3450. In this scenario, critical stop loss level is 1.3188.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3188 with the targets at 1.3349–1.3450. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3188 will let the pair go down to the levels of 1.3110–1.3040.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3282
Take Profit 1.3349, 1.3450
Stop Loss 1.3250
Key Levels 1.3040, 1.3110, 1.3188, 1.3349, 1.3450
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3180
Take Profit 1.3110, 1.3040
Stop Loss 1.3215
Key Levels 1.3040, 1.3110, 1.3188, 1.3349, 1.3450
On the 4-hour chart, a downward correction of the higher level formed as the wave ii of 1 of (3), and the third wave iii of 1 of (3) started developing. Now, the first wave of the lower level (i) of iii has formed, and the local correction (ii) of iii has developed. If the assumption is correct, the pair will grow to the levels of 1.3349–1.3450. In this scenario, critical stop loss level is 1.3188.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3188 with the targets at 1.3349–1.3450. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3188 will let the pair go down to the levels of 1.3110–1.3040.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3282
Take Profit 1.3349, 1.3450
Stop Loss 1.3250
Key Levels 1.3040, 1.3110, 1.3188, 1.3349, 1.3450
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3180
Take Profit 1.3110, 1.3040
Stop Loss 1.3215
Key Levels 1.3040, 1.3110, 1.3188, 1.3349, 1.3450
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.