The pair may fall.
On the 4-hour chart, the third wave of the higher level iii of 3 of (3) develops, within which the first wave (i) of iii formed. Now, an upward correction has developed as the wave (ii) of iii, taking a shape of an irregular flat, and the formation of the wave (iii) of iii has begun. If the assumption is correct, the pair will fall to the level of 0.9556 and below. In this scenario, critical stop loss level is 0.9874.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9874 with the target at 0.9556. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9874 will let the pair grow to the levels of 1.0122–1.0225.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9807
Take Profit 0.9556
Stop Loss 0.9874
Key Levels 0.9556, 0.9874, 1.0122, 1.0225
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9880
Take Profit 1.0122, 1.0225
Stop Loss 0.9800
Key Levels 0.9556, 0.9874, 1.0122, 1.0225
On the 4-hour chart, the third wave of the higher level iii of 3 of (3) develops, within which the first wave (i) of iii formed. Now, an upward correction has developed as the wave (ii) of iii, taking a shape of an irregular flat, and the formation of the wave (iii) of iii has begun. If the assumption is correct, the pair will fall to the level of 0.9556 and below. In this scenario, critical stop loss level is 0.9874.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9874 with the target at 0.9556. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9874 will let the pair grow to the levels of 1.0122–1.0225.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9807
Take Profit 0.9556
Stop Loss 0.9874
Key Levels 0.9556, 0.9874, 1.0122, 1.0225
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9880
Take Profit 1.0122, 1.0225
Stop Loss 0.9800
Key Levels 0.9556, 0.9874, 1.0122, 1.0225