The correction is ending, the pair may fall.
On the 4-hour chart, the third wave of the higher level 3 of (5) forms, within which the wave iii of 3 develops. Now, the formation of an upward correction as the wave (ii) of iii is ending. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6923.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6923 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6923 will let the pair grow to the levels of 0.7080–0.7205.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6874
Take Profit 0.6540, 0.6418
Stop Loss 0.6923
Key Levels 0.6418, 0.6540, 0.6923, 0.7080, 0.7205
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6925
Take Profit 0.7080, 0.7205
Stop Loss 0.6865
Key Levels 0.6418, 0.6540, 0.6923, 0.7080, 0.7205
On the 4-hour chart, the third wave of the higher level 3 of (5) forms, within which the wave iii of 3 develops. Now, the formation of an upward correction as the wave (ii) of iii is ending. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6923.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6923 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6923 will let the pair grow to the levels of 0.7080–0.7205.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6874
Take Profit 0.6540, 0.6418
Stop Loss 0.6923
Key Levels 0.6418, 0.6540, 0.6923, 0.7080, 0.7205
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6925
Take Profit 0.7080, 0.7205
Stop Loss 0.6865
Key Levels 0.6418, 0.6540, 0.6923, 0.7080, 0.7205