The pair may fall.
On the 4-hour chart, a downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now the third wave iii of C is forming, within which the wave of the lower level (iii) of iii is developing. If the assumption is correct, the pair will fall to the levels of 0.9724–0.9618. In this scenario, critical stop loss level is 0.9986.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9986 with the targets at 0.9724–0.9618. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9986 will let the pair grow to the level of 1.0122.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9922
Take Profit 0.9724, 0.9618
Stop Loss 0.9986
Key Levels 0.9618, 0.9724, 0.9986, 1.0122
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9995
Take Profit 1.0122
Stop Loss 0.9950
Key Levels 0.9618, 0.9724, 0.9986, 1.0122
On the 4-hour chart, a downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now the third wave iii of C is forming, within which the wave of the lower level (iii) of iii is developing. If the assumption is correct, the pair will fall to the levels of 0.9724–0.9618. In this scenario, critical stop loss level is 0.9986.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9986 with the targets at 0.9724–0.9618. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9986 will let the pair grow to the level of 1.0122.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9922
Take Profit 0.9724, 0.9618
Stop Loss 0.9986
Key Levels 0.9618, 0.9724, 0.9986, 1.0122
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9995
Take Profit 1.0122
Stop Loss 0.9950
Key Levels 0.9618, 0.9724, 0.9986, 1.0122