If the assumption is correct, after the end of the correction the pair will grow to the levels of 1.2560–1.2650. The level of 1.2214 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.2214 with the targets at 1.2560–1.2650.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2214 will let the pair go down to the level of 1.2135.
Scenario Timeframe Weekly Recommendation BUY Entry Point 1.2336 Take Profit 1.2560, 1.2650 Stop Loss 1.2260 Key Levels 1.2135, 1.2214, 1.2560, 1.2650 Alternative scenario Recommendation SELL STOP Entry Point 1.2210 Take Profit 1.2135 Stop Loss 1.2270 Key Levels 1.2135, 1.2214, 1.2560, 1.2650
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