The price can grow.
On the 4-hour chart, the first wave of the higher level 1 develops, within which the wave iii of 1 ended. Now the upward correction is developing as a fourth wave iv of 1, within which the wave (a) of iv has formed, and the wave (b) of iv is developing as a triangle. If the assumption is correct, after the end of the wave the pair will grow to the level of 0.7455. In this scenario, critical stop loss level is 0.7206.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7206 with the target at 0.7455. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7206 will let the pair go down to the level of 0.7100.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7288
Take Profit 0.7455
Stop Loss 0.7206
Key Levels 0.7100, 0.7206, 0.7455
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7200
Take Profit 0.7100
Stop Loss 0.7260
Key Levels 0.7100, 0.7206, 0.7455
On the 4-hour chart, the first wave of the higher level 1 develops, within which the wave iii of 1 ended. Now the upward correction is developing as a fourth wave iv of 1, within which the wave (a) of iv has formed, and the wave (b) of iv is developing as a triangle. If the assumption is correct, after the end of the wave the pair will grow to the level of 0.7455. In this scenario, critical stop loss level is 0.7206.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7206 with the target at 0.7455. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7206 will let the pair go down to the level of 0.7100.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7288
Take Profit 0.7455
Stop Loss 0.7206
Key Levels 0.7100, 0.7206, 0.7455
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7200
Take Profit 0.7100
Stop Loss 0.7260
Key Levels 0.7100, 0.7206, 0.7455