The pair may grow.
On the daily chart, the correction of the higher level develops as the second wave 2 of (5). Now, the wave b of 2 has developed, and the formation of the wave c of 2 is beginning, within which the first entry wave of the lower level i of c is developing. If the assumption is correct, the pair will grow to the level of 0.7205. In this scenario, critical stop loss level is 0.6831.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6831 with the target at 0.7205. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6831 will let the pair go down to the level of 0.6544.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.6954
Take Profit 0.7205
Stop Loss 0.6831
Key Levels 0.6544, 0.6831, 0.7205
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6825
Take Profit 0.6544
Stop Loss 0.6920
Key Levels 0.6544, 0.6831, 0.7205
On the daily chart, the correction of the higher level develops as the second wave 2 of (5). Now, the wave b of 2 has developed, and the formation of the wave c of 2 is beginning, within which the first entry wave of the lower level i of c is developing. If the assumption is correct, the pair will grow to the level of 0.7205. In this scenario, critical stop loss level is 0.6831.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6831 with the target at 0.7205. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6831 will let the pair go down to the level of 0.6544.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.6954
Take Profit 0.7205
Stop Loss 0.6831
Key Levels 0.6544, 0.6831, 0.7205
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6825
Take Profit 0.6544
Stop Loss 0.6920
Key Levels 0.6544, 0.6831, 0.7205