The pair may grow.
On the daily chart, the downward momentum developed as a first wave of the higher level 1 of (5). Now the upward correction is developing as a wave 2 of (5), within which the wave a of 2 is developing. If the assumption is correct, the pair will grow to the levels of 0.7450–0.7587. In this scenario, critical stop loss level is 0.7164.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7164 with the targets at 0.7450–0.7587. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7164 will let the pair go down to the levels of 0.7020–0.6950.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7236
Take Profit 0.7450, 0.7587
Stop Loss 0.7164
Key Levels 0.6950, 0.7020, 0.7164, 0.7450, 0.7587
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7160
Take Profit 0.7020, 0.6950
Stop Loss 0.7220
Key Levels 0.6950, 0.7020, 0.7164, 0.7450, 0.7587
On the daily chart, the downward momentum developed as a first wave of the higher level 1 of (5). Now the upward correction is developing as a wave 2 of (5), within which the wave a of 2 is developing. If the assumption is correct, the pair will grow to the levels of 0.7450–0.7587. In this scenario, critical stop loss level is 0.7164.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7164 with the targets at 0.7450–0.7587. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7164 will let the pair go down to the levels of 0.7020–0.6950.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7236
Take Profit 0.7450, 0.7587
Stop Loss 0.7164
Key Levels 0.6950, 0.7020, 0.7164, 0.7450, 0.7587
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7160
Take Profit 0.7020, 0.6950
Stop Loss 0.7220
Key Levels 0.6950, 0.7020, 0.7164, 0.7450, 0.7587