The pair may grow.
On the 4-hour chart, the correction of the higher level develops as the second wave 2 of (5), within which the formation of the wave c of 2 began. Now, the first entry wave of the lower level (i) of c has formed, and the downward correction (ii) of c has ended. If the assumption is correct, the pair will grow to the levels of 0.7205–0.7293. In this scenario, critical stop loss level is 0.6951.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6951 with the targets at 0.7205–0.7293. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6951 will let the pair go down to the level of 0.6831.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7016
Take Profit 0.7205, 0.7293
Stop Loss 0.6951
Key Levels 0.6831, 0.6951, 0.7205, 0.7293
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6945
Take Profit 0.6831
Stop Loss 0.7005
Key Levels 0.6831, 0.6951, 0.7205, 0.7293
On the 4-hour chart, the correction of the higher level develops as the second wave 2 of (5), within which the formation of the wave c of 2 began. Now, the first entry wave of the lower level (i) of c has formed, and the downward correction (ii) of c has ended. If the assumption is correct, the pair will grow to the levels of 0.7205–0.7293. In this scenario, critical stop loss level is 0.6951.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6951 with the targets at 0.7205–0.7293. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6951 will let the pair go down to the level of 0.6831.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7016
Take Profit 0.7205, 0.7293
Stop Loss 0.6951
Key Levels 0.6831, 0.6951, 0.7205, 0.7293
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6945
Take Profit 0.6831
Stop Loss 0.7005
Key Levels 0.6831, 0.6951, 0.7205, 0.7293