The pair is in correction. The fall is possible.
On the 4-hour chart the fifth wave 5 of (1) of the higher level is developing. Locally the wave v of 5 of the lower level, within which the downward correction (iv) of v is developing, is forming. If the assumption is correct, the pair will fall to the levels of 1.3470–1.3437 in the short term. The level of 1.3611 is critical for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3611 with the targets at 1.3470–1.3437.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3611 will let the pair grow to the levels of 1.3657–1.3700.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 1.3564
Take Profit 1.3470, 1.3437
Stop Loss 1.3625
Key Levels 1.3437, 1.3470, 1.3611, 1.3657, 1.3700
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3620
Take Profit 1.3657, 1.3700
Stop Loss 1.3590
Key Levels 1.3437, 1.3470, 1.3611, 1.3657, 1.3700
On the 4-hour chart the fifth wave 5 of (1) of the higher level is developing. Locally the wave v of 5 of the lower level, within which the downward correction (iv) of v is developing, is forming. If the assumption is correct, the pair will fall to the levels of 1.3470–1.3437 in the short term. The level of 1.3611 is critical for this scenario.
Main scenario
Short positions will become relevant below the level of 1.3611 with the targets at 1.3470–1.3437.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.3611 will let the pair grow to the levels of 1.3657–1.3700.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 1.3564
Take Profit 1.3470, 1.3437
Stop Loss 1.3625
Key Levels 1.3437, 1.3470, 1.3611, 1.3657, 1.3700
Alternative scenario
Recommendation BUY STOP
Entry Point 1.3620
Take Profit 1.3657, 1.3700
Stop Loss 1.3590
Key Levels 1.3437, 1.3470, 1.3611, 1.3657, 1.3700