The pair may grow.
On the daily chart, the correction of the higher level develops as the second wave 2 of (5), within which the wave b of 2 formed. Now, the wave (c) of b has developed. If the assumption is correct, the pair will grow to the levels of 0.7080–0.7205. In this scenario, critical stop loss level is 0.6674.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6674 with the targets at 0.7080–0.7205. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6674 will let the pair go down to the level of 0.6544.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.6774
Take Profit 0.7080, 0.7205
Stop Loss 0.6674
Key Levels 0.6544, 0.6674, 0.7080, 0.7205
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6670
Take Profit 0.6544
Stop Loss 0.6730
Key Levels 0.6544, 0.6674, 0.7080, 0.7205
On the daily chart, the correction of the higher level develops as the second wave 2 of (5), within which the wave b of 2 formed. Now, the wave (c) of b has developed. If the assumption is correct, the pair will grow to the levels of 0.7080–0.7205. In this scenario, critical stop loss level is 0.6674.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6674 with the targets at 0.7080–0.7205. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6674 will let the pair go down to the level of 0.6544.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.6774
Take Profit 0.7080, 0.7205
Stop Loss 0.6674
Key Levels 0.6544, 0.6674, 0.7080, 0.7205
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6670
Take Profit 0.6544
Stop Loss 0.6730
Key Levels 0.6544, 0.6674, 0.7080, 0.7205