The pair can fall.
On the 4-hour chart, the first wave of the higher level 1 formed, and the downward correction develops as a wave 2. Now the local correction of the lower level b of 2 has ended, and the wave c of 2 is developing. If the assumption is correct, the pair will fall to the levels of 0.9745–0.9672. The level of 0.9978 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9978 with the targets at 0.9745–0.9672. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9978 will let the pair grow to the levels of 1.0115–1.0180.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9845
Take Profit 0.9745, 0.9672
Stop Loss 0.9910
Key Levels 0.9672, 0.9745, 0.9978, 1.0115, 1.0180
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9985
Take Profit 1.0115, 1.0180
Stop Loss 0.9925
Key Levels 0.9672, 0.9745, 0.9978, 1.0115, 1.0180
On the 4-hour chart, the first wave of the higher level 1 formed, and the downward correction develops as a wave 2. Now the local correction of the lower level b of 2 has ended, and the wave c of 2 is developing. If the assumption is correct, the pair will fall to the levels of 0.9745–0.9672. The level of 0.9978 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9978 with the targets at 0.9745–0.9672. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9978 will let the pair grow to the levels of 1.0115–1.0180.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9845
Take Profit 0.9745, 0.9672
Stop Loss 0.9910
Key Levels 0.9672, 0.9745, 0.9978, 1.0115, 1.0180
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9985
Take Profit 1.0115, 1.0180
Stop Loss 0.9925
Key Levels 0.9672, 0.9745, 0.9978, 1.0115, 1.0180