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 a of 2 has formed, and the local correction b of 2 is developing. If the assumption is correct, the pair will fall to the levels of 0.6960–0.6886. In this scenario, critical stop loss level is 0.7231.
Main scenario
Short positions will become relevant below the level of 0.7231 with the targets at 0.6960–0.6886. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7231 will let the pair grow to the levels of 0.7348–0.7534.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7136
Take Profit 0.6960, 0.6886
Stop Loss 0.7231
Key Levels 0.6886, 0.6960, 0.7231, 0.7348, 0.7534
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7240
Take Profit 0.7348, 0.7534
Stop Loss 0.7180
Key Levels 0.6886, 0.6960, 0.7231, 0.7348, 0.7534
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave a of 2 has formed, and the local correction b of 2 is developing. If the assumption is correct, the pair will fall to the levels of 0.6960–0.6886. In this scenario, critical stop loss level is 0.7231.
Main scenario
Short positions will become relevant below the level of 0.7231 with the targets at 0.6960–0.6886. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7231 will let the pair grow to the levels of 0.7348–0.7534.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7136
Take Profit 0.6960, 0.6886
Stop Loss 0.7231
Key Levels 0.6886, 0.6960, 0.7231, 0.7348, 0.7534
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7240
Take Profit 0.7348, 0.7534
Stop Loss 0.7180
Key Levels 0.6886, 0.6960, 0.7231, 0.7348, 0.7534