The pair can fall.
On the 4-hour chart, the downward correction of the higher level is developing as a wave B. Now the wave c of B is developing, within which the upward correction (iv) of c has ended, and the formation of the fifth wave (v) of c has begun. If the assumption is correct, the pair will fall to the level of 0.9655. The level of 0.9843 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9843 with the target at 0.9655.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9843 will let the pair grow to the levels of 0.9915–0.9983.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9809
Take Profit 0.9655
Stop Loss 0.9870
Key Levels 0.9655, 0.9843, 0.9915, 0.9983
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9850
Take Profit 0.9915, 0.9983
Stop Loss 0.9790
Key Levels 0.9655, 0.9843, 0.9915, 0.9983
On the 4-hour chart, the downward correction of the higher level is developing as a wave B. Now the wave c of B is developing, within which the upward correction (iv) of c has ended, and the formation of the fifth wave (v) of c has begun. If the assumption is correct, the pair will fall to the level of 0.9655. The level of 0.9843 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9843 with the target at 0.9655.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9843 will let the pair grow to the levels of 0.9915–0.9983.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9809
Take Profit 0.9655
Stop Loss 0.9870
Key Levels 0.9655, 0.9843, 0.9915, 0.9983
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9850
Take Profit 0.9915, 0.9983
Stop Loss 0.9790
Key Levels 0.9655, 0.9843, 0.9915, 0.9983