The pair may fall.
On the 4-hour chart, the downward correction of the higher level develops as the second wave 2. Now, the wave c of 2 is forming, within which the fifth wave of the lower level (v) of c of 2 is developing. If the assumption is correct, the pair will fall to the level of 0.9667. In this scenario, critical stop loss level is 0.9838.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9838 with the target at 0.9667. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9838 will let the pair grow to the levels of 0.9928–1.0016.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9770
Take Profit 0.9667
Stop Loss 0.9838
Key Levels 0.9667, 0.9838, 0.9928, 1.0016
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9845
Take Profit 0.9928, 1.0016
Stop Loss 0.9785
Key Levels 0.9667, 0.9838, 0.9928, 1.0016
On the 4-hour chart, the downward correction of the higher level develops as the second wave 2. Now, the wave c of 2 is forming, within which the fifth wave of the lower level (v) of c of 2 is developing. If the assumption is correct, the pair will fall to the level of 0.9667. In this scenario, critical stop loss level is 0.9838.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9838 with the target at 0.9667. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9838 will let the pair grow to the levels of 0.9928–1.0016.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9770
Take Profit 0.9667
Stop Loss 0.9838
Key Levels 0.9667, 0.9838, 0.9928, 1.0016
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9845
Take Profit 0.9928, 1.0016
Stop Loss 0.9785
Key Levels 0.9667, 0.9838, 0.9928, 1.0016