On the 4-hour chart, a downward correction of the higher level formed as the wave ii of (3), and the development of the third wave iii of (3) started. Now, the first wave of the lower level (i) of iii has formed, and the local correction (ii) of iii has ended. If the assumption is correct, the pair will grow to the levels of 1.3409–1.3560. In this scenario, critical stop loss level is 1.3259.
Main scenario
Long positions will become relevant during the correction, above the level of 1.3259 with the targets at 1.3409–1.3560. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.3259 will let the pair go down to the levels of 1.3183–1.3149.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 1.3302 Take Profit 1.3409, 1.3560 Stop Loss 1.3259 Key Levels 1.3149, 1.3183, 1.3259, 1.3409, 1.3560
Alternative scenario
Recommendation SELL STOP Entry Point 1.3250 Take Profit 1.3183, 1.3149 Stop Loss 1.3280 Key Levels 1.3149, 1.3183, 1.3259, 1.3409, 1.3560
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