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 0.6920–0.6832. In this scenario, critical stop loss level is 0.7068.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7068 with the targets at 0.6920–0.6832. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7068 will let the pair grow to the levels of 0.7292–0.7387.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7023
Take Profit 0.6920, 0.6832
Stop Loss 0.7068
Key Levels 0.6832, 0.6920, 0.7068, 0.7292, 0.7387
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7075
Take Profit 0.7292, 0.7387
Stop Loss 0.7000
Key Levels 0.6832, 0.6920, 0.7068, 0.7292, 0.7387
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 0.6920–0.6832. In this scenario, critical stop loss level is 0.7068.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7068 with the targets at 0.6920–0.6832. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7068 will let the pair grow to the levels of 0.7292–0.7387.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7023
Take Profit 0.6920, 0.6832
Stop Loss 0.7068
Key Levels 0.6832, 0.6920, 0.7068, 0.7292, 0.7387
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7075
Take Profit 0.7292, 0.7387
Stop Loss 0.7000
Key Levels 0.6832, 0.6920, 0.7068, 0.7292, 0.7387