On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave c of 2 is forming, within which the development of the wave (v) of c of 2 has begun. If the assumption is correct, the pair will grow to the level of 0.7348. In this scenario, critical stop loss level is 0.7194.
Main scenario
Long positions will become relevant above the level of 0.7194 with the target at 0.7348. Implementation period: 3–5 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7194 will let the pair go down to the levels of 0.7000–0.6894.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 0.7259 Take Profit 0.7348 Stop Loss 0.7194 Key Levels 0.6894, 0.7000, 0.7194, 0.7348
Alternative scenario
Recommendation SELL STOP Entry Point 0.7190 Take Profit 0.7000, 0.6894 Stop Loss 0.7250 Key Levels 0.6894, 0.7000, 0.7194, 0.7348