The price can fall.
On the 4-hour chart, the downward trend is forming as a first wave 1 of (5) of the higher level. Now the third wave of the lower level iii of 1 has formed, and the local correction is forming as a wave iv of 1. If the assumption is correct, the pair will fall to the level of 0.7340. The level of 0.7605 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7605 with the target at 0.7340. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7605 will let the pair grow to the levels of 0.7642–0.7680.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7558
Take Profit 0.7340
Stop Loss 0.7605
Key Levels 0.7340, 0.7605, 0.7642, 0.7680
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7610
Take Profit 0.7642, 0.7680
Stop Loss 0.7580
Key Levels 0.7340, 0.7605, 0.7642, 0.7680
On the 4-hour chart, the downward trend is forming as a first wave 1 of (5) of the higher level. Now the third wave of the lower level iii of 1 has formed, and the local correction is forming as a wave iv of 1. If the assumption is correct, the pair will fall to the level of 0.7340. The level of 0.7605 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7605 with the target at 0.7340. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7605 will let the pair grow to the levels of 0.7642–0.7680.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7558
Take Profit 0.7340
Stop Loss 0.7605
Key Levels 0.7340, 0.7605, 0.7642, 0.7680
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7610
Take Profit 0.7642, 0.7680
Stop Loss 0.7580
Key Levels 0.7340, 0.7605, 0.7642, 0.7680