The trend is downward.
On the 4-hour chart, the third wave of the higher level iii of 3 of (5) forms, within which the wave (iii) of iii of 3 develops. Now, a local correction has formed as the wave ii of (iii) of the lower level, and the wave iii of (iii) is developing. If the assumption is correct, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6776.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6776 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6776 will let the pair grow to the levels of 0.6923–0.7080.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6707
Take Profit 0.6540, 0.6418
Stop Loss 0.6776
Key Levels 0.6418, 0.6540, 0.6776, 0.6923, 0.7080
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6780
Take Profit 0.6923, 0.7080
Stop Loss 0.6730
Key Levels 0.6418, 0.6540, 0.6776, 0.6923, 0.7080
On the 4-hour chart, the third wave of the higher level iii of 3 of (5) forms, within which the wave (iii) of iii of 3 develops. Now, a local correction has formed as the wave ii of (iii) of the lower level, and the wave iii of (iii) is developing. If the assumption is correct, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6776.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6776 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6776 will let the pair grow to the levels of 0.6923–0.7080.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6707
Take Profit 0.6540, 0.6418
Stop Loss 0.6776
Key Levels 0.6418, 0.6540, 0.6776, 0.6923, 0.7080
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6780
Take Profit 0.6923, 0.7080
Stop Loss 0.6730
Key Levels 0.6418, 0.6540, 0.6776, 0.6923, 0.7080