On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave b of 2 has formed, and the development of the wave c of 2 is beginning. If the assumption is correct, the pair will grow to the levels of 0.7348–0.7534. In this scenario, critical stop loss level is 0.7050.
Main scenario
Long positions will become relevant above the level of 0.7050 with the targets at 0.7348–0.7534. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7050 will let the pair go down to the levels of 0.6961–0.6880.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 0.7130 Take Profit 0.7348, 0.7534 Stop Loss 0.7050 Key Levels 0.6880, 0.6961, 0.7050, 0.7348, 0.7534
Alternative scenario
Recommendation SELL STOP Entry Point 0.7045 Take Profit 0.6961, 0.6880 Stop Loss 0.7090 Key Levels 0.6880, 0.6961, 0.7050, 0.7348, 0.7534