The pair may fall.
On the 4-hour chart, the 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 levels of 0.6832–0.6800. In this scenario, critical stop loss level is 0.6956.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6956 with the targets at 0.6832–0.6800. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6956 will let the pair grow to the levels of 0.7072–0.7205.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6872
Take Profit 0.6832, 0.6800
Stop Loss 0.6905
Key Levels 0.6800, 0.6832, 0.6956, 0.7072, 0.7205
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6960
Take Profit 0.7072, 0.7205
Stop Loss 0.6900
Key Levels 0.6800, 0.6832, 0.6956, 0.7072, 0.7205
On the 4-hour chart, the 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 levels of 0.6832–0.6800. In this scenario, critical stop loss level is 0.6956.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6956 with the targets at 0.6832–0.6800. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6956 will let the pair grow to the levels of 0.7072–0.7205.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6872
Take Profit 0.6832, 0.6800
Stop Loss 0.6905
Key Levels 0.6800, 0.6832, 0.6956, 0.7072, 0.7205
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6960
Take Profit 0.7072, 0.7205
Stop Loss 0.6900
Key Levels 0.6800, 0.6832, 0.6956, 0.7072, 0.7205