The pair may fall.
On the 4-hour chart, an upward correction develops as the wave 2 of (5). Now the wave (c) of b of 2 is developing as a momentum, within which the wave of the lower level iv of (c) has ended. If the assumption is correct, the pair will fall to the levels of 0.7018–0.6980. In this scenario, critical stop loss level is 0.7079.
Main scenario
Short positions will become relevant below the level of 0.7079 with the targets at 0.7018–0.6980. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7079 will let the pair grow to the levels of 0.7204–0.7390.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7045
Take Profit 0.7018, 0.6980
Stop Loss 0.7070
Key Levels 0.6980, 0.7018, 0.7079, 0.7204, 0.7390
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7085
Take Profit 0.7204, 0.7390
Stop Loss 0.7045
Key Levels 0.6980, 0.7018, 0.7079, 0.7204, 0.7390
On the 4-hour chart, an upward correction develops as the wave 2 of (5). Now the wave (c) of b of 2 is developing as a momentum, within which the wave of the lower level iv of (c) has ended. If the assumption is correct, the pair will fall to the levels of 0.7018–0.6980. In this scenario, critical stop loss level is 0.7079.
Main scenario
Short positions will become relevant below the level of 0.7079 with the targets at 0.7018–0.6980. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7079 will let the pair grow to the levels of 0.7204–0.7390.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7045
Take Profit 0.7018, 0.6980
Stop Loss 0.7070
Key Levels 0.6980, 0.7018, 0.7079, 0.7204, 0.7390
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7085
Take Profit 0.7204, 0.7390
Stop Loss 0.7045
Key Levels 0.6980, 0.7018, 0.7079, 0.7204, 0.7390