The pair may grow.
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave c of 2 is forming, within which the wave (iii) of c is developing. If the assumption is correct, the pair will grow to the level of 0.7348. In this scenario, critical stop loss level is 0.7069.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7069 with the target at 0.7348. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7069 will let the pair go down to the levels of 0.6961–0.6880.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7158
Take Profit 0.7348
Stop Loss 0.7069
Key Levels 0.6880, 0.6961, 0.7069, 0.7348
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7060
Take Profit 0.6961, 0.6880
Stop Loss 0.7100
Key Levels 0.6880, 0.6961, 0.7069, 0.7348
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave c of 2 is forming, within which the wave (iii) of c is developing. If the assumption is correct, the pair will grow to the level of 0.7348. In this scenario, critical stop loss level is 0.7069.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7069 with the target at 0.7348. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7069 will let the pair go down to the levels of 0.6961–0.6880.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7158
Take Profit 0.7348
Stop Loss 0.7069
Key Levels 0.6880, 0.6961, 0.7069, 0.7348
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7060
Take Profit 0.6961, 0.6880
Stop Loss 0.7100
Key Levels 0.6880, 0.6961, 0.7069, 0.7348