On the 4-hour chart, the third wave of the higher level 3 of (5) is forming. Now the first wave i of 3 has formed, and the downward correction is developing as a wave ii of 3, within which the wave (c) of ii is forming. If the assumption is correct, the pair will fall to the levels of 1.2690–1.2586. The level of 1.2941 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2941 with the targets at 1.2690–1.2586.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2941 will let the pair grow to the level of 1.3126.
Scenario Timeframe Weekly Recommendation SELL Entry Point 1.2800 Take Profit 1.2690, 1.2586 Stop Loss 1.2860 Key Levels 1.2586, 1.2690, 1.2941, 1.3126 Alternative scenario Recommendation BUY STOP Entry Point 1.2950 Take Profit 1.3126 Stop Loss 1.2890 Key Levels 1.2586, 1.2690, 1.2941, 1.3126
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