On the 4-hour chart, the third wave of the higher level iii of 3 of (5) forms, within which the wave (iii) of iii of 3 develops. Now, a local correction has formed as the wave ii of (iii) of the lower level, and the development of the wave iii of (iii) has started. If the assumption is correct, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6807.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6807 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6807 will let the pair grow to the levels of 0.6923–0.7080.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.6755 Take Profit 0.6540, 0.6418 Stop Loss 0.6807 Key Levels 0.6418, 0.6540, 0.6807, 0.6923, 0.7080
Alternative scenario
Recommendation BUY STOP Entry Point 0.6810 Take Profit 0.6923, 0.7080 Stop Loss 0.6750 Key Levels 0.6418, 0.6540, 0.6807, 0.6923, 0.7080