On the 4-hour chart, the wave b of 2 formed. Now, the development of the wave c of 2 is beginning, within which the first entry wave of the lower level i of (i) of c and the correction ii of (i) have formed. 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 0.6781 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