On the 4-hour chart, the upward correction of the higher level develops as the wave 2 of (5), within which the wave b of 2 forms. Now, the wave (c) of b is developing, within which the wave iii of (c) is forming. If the assumption is correct, the pair will fall to the levels of 0.6832–0.6800. In this scenario, critical stop loss level is 0.6956.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6956 with the targets at 0.6832–0.6800. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6956 will let the pair grow to the levels of 0.7072–0.7205.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.6872 Take Profit 0.6832, 0.6800 Stop Loss 0.6905 Key Levels 0.6800, 0.6832, 0.6956, 0.7072, 0.7205
Alternative scenario
Recommendation BUY STOP Entry Point 0.6960 Take Profit 0.7072, 0.7205 Stop Loss 0.6900 Key Levels 0.6800, 0.6832, 0.6956, 0.7072, 0.7205