The pair may fall.
On the daily chart, an upward trend forms as the wave of the higher level C of (B), within which the local correction iv of C develops. Now, the wave (c) of iv is forming, within which the development of the fifth wave of the lower level v of (c) of iv has started. If the assumption is correct, the pair will fall to the levels of 1412.74–1378.45. In this scenario, critical stop loss level is 1479.23.
Main scenario
Short positions will become relevant during the correction, below the level of 1479.23 with the targets at 1412.74–1378.45. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1479.23 will let the pair grow to the levels of 1517.74–1557.48.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1458.82
Take Profit 1412.74, 1378.45
Stop Loss 1479.23
Key Levels 1378.45, 1412.74, 1479.23, 1517.74, 1557.48
Alternative scenario
Recommendation BUY STOP
Entry Point 1479.30
Take Profit 1517.74, 1557.48
Stop Loss 1458.75
Key Levels 1378.45, 1412.74, 1479.23, 1517.74, 1557.48
On the daily chart, an upward trend forms as the wave of the higher level C of (B), within which the local correction iv of C develops. Now, the wave (c) of iv is forming, within which the development of the fifth wave of the lower level v of (c) of iv has started. If the assumption is correct, the pair will fall to the levels of 1412.74–1378.45. In this scenario, critical stop loss level is 1479.23.
Main scenario
Short positions will become relevant during the correction, below the level of 1479.23 with the targets at 1412.74–1378.45. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1479.23 will let the pair grow to the levels of 1517.74–1557.48.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1458.82
Take Profit 1412.74, 1378.45
Stop Loss 1479.23
Key Levels 1378.45, 1412.74, 1479.23, 1517.74, 1557.48
Alternative scenario
Recommendation BUY STOP
Entry Point 1479.30
Take Profit 1517.74, 1557.48
Stop Loss 1458.75
Key Levels 1378.45, 1412.74, 1479.23, 1517.74, 1557.48
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.