On the daily chart, the first wave 1 develops within the started third wave (3) of the higher level. Now, the fifth wave v of 1 is developing, within which the wave of the lower level (v) of v is forming. If the assumption is correct, the pair will grow to the levels of 1.3650–1.3800. In this scenario, critical stop loss level is 1.3048.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3048 with the targets at 1.3650–1.3800. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3048 will let the pair go down to the levels of 1.2819–1.2700.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 1.3474 Take Profit 1.3650, 1.3800 Stop Loss 1.3405 Key Levels 1.2700, 1.2819, 1.3048, 1.3650, 1.3800
Alternative scenario
Recommendation SELL STOP Entry Point 1.3040 Take Profit 1.2819, 1.2700 Stop Loss 1.3115 Key Levels 1.2700, 1.2819, 1.3048, 1.3650, 1.3800
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