The price can decrease.
On the 4-hour chart, the fifth wave (5) of the higher level is forming. Now the development of the third wave of the lower level (iii) of i, within which the correctional wave ii of (iii) has ended, has begun. If the assumption is correct, the pair will fall to the level of 0.7500. The level of 0.7900 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7900 with the target at 0.7500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7900 will let the pair grow to the level of 0.7990.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7849
Take Profit 0.7500
Stop Loss 0.7965
Key Levels 0.7500, 0.7900, 0.7990
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7910
Take Profit 0.7990
Stop Loss 0.7850
Key Levels 0.7500, 0.7900, 0.7990
On the 4-hour chart, the fifth wave (5) of the higher level is forming. Now the development of the third wave of the lower level (iii) of i, within which the correctional wave ii of (iii) has ended, has begun. If the assumption is correct, the pair will fall to the level of 0.7500. The level of 0.7900 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7900 with the target at 0.7500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7900 will let the pair grow to the level of 0.7990.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7849
Take Profit 0.7500
Stop Loss 0.7965
Key Levels 0.7500, 0.7900, 0.7990
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7910
Take Profit 0.7990
Stop Loss 0.7850
Key Levels 0.7500, 0.7900, 0.7990