The pair can decrease.
On the 4-hour chart, the third wave of the higher level iii of 1 of (5) develops. Now the fifth wave of the lower level (v) of iii is forming, within which the upward correction is developing as a wave iv of (v). If the assumption is correct, after the end of the correction the pair will fall to the level of 0.7000. In this scenario, critical stop loss level is 0.7380.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 0.7380 with the target at 0.7000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7380 will let the pair grow to the levels of 0.7455–0.7680.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7154
Take Profit 0.7000
Stop Loss 0.7215
Key Levels 0.7000, 0.7380, 0.7455, 0.7680
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7385
Take Profit 0.7455, 0.7680
Stop Loss 0.7355
Key Levels 0.7000, 0.7380, 0.7455, 0.7680
On the 4-hour chart, the third wave of the higher level iii of 1 of (5) develops. Now the fifth wave of the lower level (v) of iii is forming, within which the upward correction is developing as a wave iv of (v). If the assumption is correct, after the end of the correction the pair will fall to the level of 0.7000. In this scenario, critical stop loss level is 0.7380.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 0.7380 with the target at 0.7000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7380 will let the pair grow to the levels of 0.7455–0.7680.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7154
Take Profit 0.7000
Stop Loss 0.7215
Key Levels 0.7000, 0.7380, 0.7455, 0.7680
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7385
Take Profit 0.7455, 0.7680
Stop Loss 0.7355
Key Levels 0.7000, 0.7380, 0.7455, 0.7680