The probability of decline remains.
On the H4 chart, the upward correction is developing as a wave 2 of (5). At the moment, it seems that the b of 2 wave is developing in the form of a zigzag, within which the wave (c) of b is being formed. If the assumption is correct, then the pair can decline to the levels of 0.7105–0.7025. The critical level for this scenario is the level of 0.7243.
Main scenario
Short positions will become relevant below the level of 0.7243 with a target in the range of 0.7105–0.7025. Implementation period: 3–5 days.
Alternative scenario
Breakout and consolidation of the price above the level of 0.7243 will allow the pair to grow to the levels of 0.7305–0.7450.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7199
Take Profit 0.7105, 0.7025
Stop Loss 0.7243
Key Levels 0.7025, 0.7105, 0.7243, 0.7305, 0.7450
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7250
Take Profit 0.7305, 0.7450
Stop Loss 0.7220
Key Levels 0.7025, 0.7105, 0.7243, 0.7305, 0.7450
On the H4 chart, the upward correction is developing as a wave 2 of (5). At the moment, it seems that the b of 2 wave is developing in the form of a zigzag, within which the wave (c) of b is being formed. If the assumption is correct, then the pair can decline to the levels of 0.7105–0.7025. The critical level for this scenario is the level of 0.7243.
Main scenario
Short positions will become relevant below the level of 0.7243 with a target in the range of 0.7105–0.7025. Implementation period: 3–5 days.
Alternative scenario
Breakout and consolidation of the price above the level of 0.7243 will allow the pair to grow to the levels of 0.7305–0.7450.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7199
Take Profit 0.7105, 0.7025
Stop Loss 0.7243
Key Levels 0.7025, 0.7105, 0.7243, 0.7305, 0.7450
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7250
Take Profit 0.7305, 0.7450
Stop Loss 0.7220
Key Levels 0.7025, 0.7105, 0.7243, 0.7305, 0.7450