The upward trend is developing.
On the 4-hour chart, the fifth wave 5 of (1) of the higher level is developing. Locally the upward momentum is forming as a third wave iii of 5, within which the downward correction (iv) is ending. If the assumption is correct, the pair will grow to the levels of 1.4400–1.4500. The level of 1.3907 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3907 with the targets at 1.4400–1.4500.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3907 will let the pair go down to the levels of 1.3810–1.3480.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.4016
Take Profit 1.4400, 1.4500
Stop Loss 1.3885
Key Levels 1.3480, 1.3810, 1.3907, 1.4400, 1.4500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3900
Take Profit 1.3810, 1.3480
Stop Loss 1.3960
Key Levels 1.3480, 1.3810, 1.3907, 1.4400, 1.4500
On the 4-hour chart, the fifth wave 5 of (1) of the higher level is developing. Locally the upward momentum is forming as a third wave iii of 5, within which the downward correction (iv) is ending. If the assumption is correct, the pair will grow to the levels of 1.4400–1.4500. The level of 1.3907 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3907 with the targets at 1.4400–1.4500.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.3907 will let the pair go down to the levels of 1.3810–1.3480.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.4016
Take Profit 1.4400, 1.4500
Stop Loss 1.3885
Key Levels 1.3480, 1.3810, 1.3907, 1.4400, 1.4500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3900
Take Profit 1.3810, 1.3480
Stop Loss 1.3960
Key Levels 1.3480, 1.3810, 1.3907, 1.4400, 1.4500