On the daily chart, the correction of the higher level develops as the second wave 2 of (5). Now, the wave b of 2 has developed, and the formation of the wave c of 2 is beginning, within which the first entry wave of the lower level i of c is developing. If the assumption is correct, the pair will grow to the level of 0.7205. In this scenario, critical stop loss level is 0.6831.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6831 with the target at 0.7205. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6831 will let the pair go down to the level of 0.6544.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 0.6954 Take Profit 0.7205 Stop Loss 0.6831 Key Levels 0.6544, 0.6831, 0.7205
Alternative scenario
Recommendation SELL STOP Entry Point 0.6825 Take Profit 0.6544 Stop Loss 0.6920 Key Levels 0.6544, 0.6831, 0.7205