Scenario

Timeframe - Weekly

Recommendation - BUY

Entry Point - 1.2778

Take Profit - 1.3295

Stop Loss - 1.2670

Key Levels - 1.2400, 1.2500, 1.2655, 1.3295

Alternative scenario

Recommendation - SELL STOP

Entry Point - 1.2650

Take Profit - 1.2500, 1.2400

Stop Loss - 1.2700

Key Levels - 1.2400, 1.2500, 1.2655, 1.3295

Growth is expected.

Assuming, an upward correction within wave B of the higher level continues forming. At present, wave c of B seems to be developing within which a local correction as the second wave (ii) is nearing the end. If the assumption is correct, a growth towards 1.3295 should be expected. Critical for this scenario is the level of 1.2655.

Trading tips

Buy the pair from corrections, above the level of 1.2655 with the target at 1.3295.

Alternative scenario

The breakdown and consolidation below the level of 1.2655 would allow the pair to fall to 1.2500-1.2400 and probably lower.