The pair may fall.
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave b of 2 is forming, within which the wave (c) of b of 2 is developing. If the assumption is correct, the pair will fall to the levels of 0.6961–0.6880. In this scenario, critical stop loss level is 0.7195.
Main scenario
Short positions will become relevant below the level of 0.7195 with the targets at 0.6961–0.6880. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7195 will let the pair grow to the levels of 0.7348–0.7534.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7080
Take Profit 0.6961, 0.6880
Stop Loss 0.7195
Key Levels 0.6880, 0.6961, 0.7195, 0.7348, 0.7534
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7200
Take Profit 0.7348, 0.7534
Stop Loss 0.7140
Key Levels 0.6880, 0.6961, 0.7195, 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 b of 2 is forming, within which the wave (c) of b of 2 is developing. If the assumption is correct, the pair will fall to the levels of 0.6961–0.6880. In this scenario, critical stop loss level is 0.7195.
Main scenario
Short positions will become relevant below the level of 0.7195 with the targets at 0.6961–0.6880. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7195 will let the pair grow to the levels of 0.7348–0.7534.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7080
Take Profit 0.6961, 0.6880
Stop Loss 0.7195
Key Levels 0.6880, 0.6961, 0.7195, 0.7348, 0.7534
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7200
Take Profit 0.7348, 0.7534
Stop Loss 0.7140
Key Levels 0.6880, 0.6961, 0.7195, 0.7348, 0.7534