The pair may fall.
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5), within which the wave b of 2 forms. Now, the wave (c) of b is developing, within which the wave iii of (c) is forming. If the assumption is correct, the pair will fall to the level of 0.6832. In this scenario, critical stop loss level is 0.7018.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7018 with the target at 0.6832. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7018 will let the pair grow to the levels of 0.7205–0.7292.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6908
Take Profit 0.6832
Stop Loss 0.6970
Key Levels 0.6832, 0.7018, 0.7205, 0.7292
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7025
Take Profit 0.7205, 0.7292
Stop Loss 0.6965
Key Levels 0.6832, 0.7018, 0.7205, 0.7292
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5), within which the wave b of 2 forms. Now, the wave (c) of b is developing, within which the wave iii of (c) is forming. If the assumption is correct, the pair will fall to the level of 0.6832. In this scenario, critical stop loss level is 0.7018.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7018 with the target at 0.6832. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7018 will let the pair grow to the levels of 0.7205–0.7292.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6908
Take Profit 0.6832
Stop Loss 0.6970
Key Levels 0.6832, 0.7018, 0.7205, 0.7292
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7025
Take Profit 0.7205, 0.7292
Stop Loss 0.6965
Key Levels 0.6832, 0.7018, 0.7205, 0.7292