The pair may decrease.
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now, the wave (i) of a of 2 has formed. If the assumption is correct, the pair will fall within the wave (ii) of a to the levels of 0.7074–0.6971. In this scenario, critical stop loss level is 0.7239.
Main scenario
Short positions will become relevant below the level of 0.7239 with the targets at 0.7074–0.6971. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7239 will let the pair grow to the levels of 0.7391–0.7587.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7216
Take Profit 0.7074, 0.6971
Stop Loss 0.7239
Key Levels 0.6971, 0.7074, 0.7239, 0.7391, 0.7587
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7245
Take Profit 0.7391, 0.7587
Stop Loss 0.7185
Key Levels 0.6971, 0.7074, 0.7239, 0.7391, 0.7587
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now, the wave (i) of a of 2 has formed. If the assumption is correct, the pair will fall within the wave (ii) of a to the levels of 0.7074–0.6971. In this scenario, critical stop loss level is 0.7239.
Main scenario
Short positions will become relevant below the level of 0.7239 with the targets at 0.7074–0.6971. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7239 will let the pair grow to the levels of 0.7391–0.7587.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7216
Take Profit 0.7074, 0.6971
Stop Loss 0.7239
Key Levels 0.6971, 0.7074, 0.7239, 0.7391, 0.7587
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7245
Take Profit 0.7391, 0.7587
Stop Loss 0.7185
Key Levels 0.6971, 0.7074, 0.7239, 0.7391, 0.7587