On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave b of 2 is forming, within which the wave (c) of b of 2 is developing. If the assumption is correct, the pair will fall to the levels of 0.6961–0.6880. In this scenario, critical stop loss level is 0.7195.
Main scenario
Short positions will become relevant below the level of 0.7195 with the targets at 0.6961–0.6880. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7195 will let the pair grow to the levels of 0.7348–0.7534.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.7080 Take Profit 0.6961, 0.6880 Stop Loss 0.7195 Key Levels 0.6880, 0.6961, 0.7195, 0.7348, 0.7534
Alternative scenario
Recommendation BUY STOP Entry Point 0.7200 Take Profit 0.7348, 0.7534 Stop Loss 0.7140 Key Levels 0.6880, 0.6961, 0.7195, 0.7348, 0.7534