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, the first wave of the lower level i of (iii) has formed, and the local correction ii of (iii) is developing. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6894.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 0.6894 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 0.6894 will let the pair grow to the levels of 0.7080–0.7208.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.6744 Take Profit 0.6540, 0.6418 Stop Loss 0.6894 Key Levels 0.6418, 0.6540, 0.6894, 0.7080, 0.7208
Alternative scenario
Recommendation BUY STOP Entry Point 0.6900 Take Profit 0.7080, 0.7208 Stop Loss 0.6840 Key Levels 0.6418, 0.6540, 0.6894, 0.7080, 0.7208