The pair is in correction, a fall is possible.
On the 4-hour chart, the first wave i of 3 formed, and the local correction ii of 3 develops. Now, the wave (a) of ii of the lower level has ended, and the wave (b) of ii is developing. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 0.9894–0.9814. In this scenario, critical stop loss level is 1.0238.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0238 with the targets at 0.9894–0.9814. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0238 will let the pair grow to the levels of 1.0400–1.0467.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.0061
Take Profit 0.9894, 0.9814
Stop Loss 1.0125
Key Levels 0.9814, 0.9894, 1.0238, 1.0400, 1.0467
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0245
Take Profit 1.0400, 1.0467
Stop Loss 1.0185
Key Levels 0.9814, 0.9894, 1.0238, 1.0400, 1.0467
On the 4-hour chart, the first wave i of 3 formed, and the local correction ii of 3 develops. Now, the wave (a) of ii of the lower level has ended, and the wave (b) of ii is developing. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 0.9894–0.9814. In this scenario, critical stop loss level is 1.0238.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0238 with the targets at 0.9894–0.9814. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0238 will let the pair grow to the levels of 1.0400–1.0467.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.0061
Take Profit 0.9894, 0.9814
Stop Loss 1.0125
Key Levels 0.9814, 0.9894, 1.0238, 1.0400, 1.0467
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0245
Take Profit 1.0400, 1.0467
Stop Loss 1.0185
Key Levels 0.9814, 0.9894, 1.0238, 1.0400, 1.0467