The pair is in a correction, the fall is possible.
On the 4-hour chart, the third wave of the higher level iii of 1 of (5) developed. Now the formation of the local correction as a wave iv of 1 of (5) has begun. If the assumption is correct, after the end of the correction the pair will fall to the levels of 0.6950–0.6900. In this scenario, critical stop loss level is 0.7312.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 0.7312 with the targets at 0.6950–0.6900. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7312 will let the pair grow to the levels of 0.7452–0.7680.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7118
Take Profit 0.6950, 0.6900
Stop Loss 0.7185, 0.7312
Key Levels 0.6900, 0.6950, 0.7312, 0.7452, 0.7680
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7320
Take Profit 0.7452, 0.7680
Stop Loss 0.7260
Key Levels 0.6900, 0.6950, 0.7312, 0.7452, 0.7680
On the 4-hour chart, the third wave of the higher level iii of 1 of (5) developed. Now the formation of the local correction as a wave iv of 1 of (5) has begun. If the assumption is correct, after the end of the correction the pair will fall to the levels of 0.6950–0.6900. In this scenario, critical stop loss level is 0.7312.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 0.7312 with the targets at 0.6950–0.6900. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7312 will let the pair grow to the levels of 0.7452–0.7680.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7118
Take Profit 0.6950, 0.6900
Stop Loss 0.7185, 0.7312
Key Levels 0.6900, 0.6950, 0.7312, 0.7452, 0.7680
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7320
Take Profit 0.7452, 0.7680
Stop Loss 0.7260
Key Levels 0.6900, 0.6950, 0.7312, 0.7452, 0.7680