On the daily timeframe, the upward correction is developing as a wave 2 of (5). Presumably, a wave a of 2 has formed, and wave b of 2 is developing, within which the downward impulse of the lower wave (a) of b was completed. If the assumption is correct, then a corrective growth of the pair can continue to the level of 0.7305. A critical level for this scenario would be 0.7164.
Main scenario
Long positions will become relevant above the level of 0.7164 with the target at 0.7305. Implementation period: 3–5 days.
Alternative scenario
Breakdown and consolidation of the price below the level of 0.7164 will allow the pair to decline to the level of 0.7022.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 0.7211 Take Profit 0.7305 Stop Loss 0.7164 Key Levels 0.7022, 0.7164, 0.7305
Alternative scenario
Recommendation SELL STOP Entry Point 0.7160 Take Profit 0.7022 Stop Loss 0.7220 Key Levels 0.7022, 0.7164, 0.7305