The trend is upward.
On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. Now the third wave iii of 3 is ending. If the assumption is correct, after the end of the downward correction iv of 3 the pair will grow to the levels of 1.3300–1.3500. The level of 1.2870 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction above the level of 1.2870 with the targets at 1.3300–1.3500.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2870 will let the pair go down to the level of 1.2706.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3122
Take Profit 1.3300, 1.3500
Stop Loss 1.3060
Key Levels 1.2706, 1.2870, 1.3300, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2860
Take Profit 1.2706
Stop Loss 1.2920
Key Levels 1.2706, 1.2870, 1.3300, 1.3500
On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. Now the third wave iii of 3 is ending. If the assumption is correct, after the end of the downward correction iv of 3 the pair will grow to the levels of 1.3300–1.3500. The level of 1.2870 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction above the level of 1.2870 with the targets at 1.3300–1.3500.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2870 will let the pair go down to the level of 1.2706.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.3122
Take Profit 1.3300, 1.3500
Stop Loss 1.3060
Key Levels 1.2706, 1.2870, 1.3300, 1.3500
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2860
Take Profit 1.2706
Stop Loss 1.2920
Key Levels 1.2706, 1.2870, 1.3300, 1.3500