On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave c of 2 is developing, within which the local correction (iv) of c is forming. If the assumption is correct, after the end of correction, the pair will grow to the levels of 0.7292–0.7387. In this scenario, critical stop loss level is 0.7050.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7050 with the targets at 0.7292–0.7387. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.7050 will let the pair go down to the levels of 0.6920–0.6832.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 0.7140 Take Profit 0.7292, 0.7387 Stop Loss 0.7050 Key Levels 0.6832, 0.6920, 0.7050, 0.7292, 0.7387
Alternative scenario
Recommendation SELL STOP Entry Point 0.7045 Take Profit 0.6920, 0.6832 Stop Loss 0.7085 Key Levels 0.6832, 0.6920, 0.7050, 0.7292, 0.7387