On the daily chart, a downward trend develops as the fifth wave of the higher level (5). Now, the development of the third wave 3 of (5) has begun, within which the wave of the lower level iii of 3 is forming. If the assumption is correct, the pair will fall to the level of 0.6544. In this scenario, critical stop loss level is 0.7021.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7021 with the target at 0.6544. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7021 will let the pair grow to the levels of 0.7205–0.7400.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.6876 Take Profit 0.6544 Stop Loss 0.7021 Key Levels 0.6544, 0.7021, 0.7205, 0.7400
Alternative scenario
Recommendation BUY STOP Entry Point 0.7025 Take Profit 0.7205, 0.7400 Stop Loss 0.6965 Key Levels 0.6544, 0.7021, 0.7205, 0.7400