The pair can grow.
On the 4-hour chart the development of the downward correction as a wave 2 of (5), shaped as flat, has ended. At the moment the formation of the third wave 3 of (5), within which the first wave of the lower level (i) has formed, and the correction (ii) has ended, has begun. If the assumption is correct, the pair will grow to the level of 1.2920. The level of 1.2353 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2353 with the target at 1.2920.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2353 will let the pair go down to the level of 1.2057.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2449
Take Profit 1.2920
Stop Loss 1.2290
Key Levels 1.2057, 1.2353, 1.2920
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2345
Take Profit 1.2057
Stop Loss 1.2440
Key Levels 1.2057, 1.2353, 1.2920
On the 4-hour chart the development of the downward correction as a wave 2 of (5), shaped as flat, has ended. At the moment the formation of the third wave 3 of (5), within which the first wave of the lower level (i) has formed, and the correction (ii) has ended, has begun. If the assumption is correct, the pair will grow to the level of 1.2920. The level of 1.2353 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2353 with the target at 1.2920.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2353 will let the pair go down to the level of 1.2057.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.2449
Take Profit 1.2920
Stop Loss 1.2290
Key Levels 1.2057, 1.2353, 1.2920
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2345
Take Profit 1.2057
Stop Loss 1.2440
Key Levels 1.2057, 1.2353, 1.2920