The pair can grow.
On the 4-hour chart, the first wave of the higher level 1 formed, and the downward correction develops as a wave 2. The wave c of 2 is now developing, within which the first wave of the lower level (i) of c has formed. If the assumption is correct, in the short term the pair will grow to the levels of 0.9892–0.9912. In this scenario, critical stop loss level is 0.9810.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9810 with the targets at 0.9892–0.9912. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9810 will let the pair go down to the level of 0.9745.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9841
Take Profit 0.9892, 0.9912
Stop Loss 0.9810
Key Levels 0.9745, 0.9810, 0.9892, 0.9912
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9800
Take Profit 0.9745
Stop Loss 0.9850
Key Levels 0.9745, 0.9810, 0.9892, 0.9912
On the 4-hour chart, the first wave of the higher level 1 formed, and the downward correction develops as a wave 2. The wave c of 2 is now developing, within which the first wave of the lower level (i) of c has formed. If the assumption is correct, in the short term the pair will grow to the levels of 0.9892–0.9912. In this scenario, critical stop loss level is 0.9810.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9810 with the targets at 0.9892–0.9912. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9810 will let the pair go down to the level of 0.9745.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9841
Take Profit 0.9892, 0.9912
Stop Loss 0.9810
Key Levels 0.9745, 0.9810, 0.9892, 0.9912
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9800
Take Profit 0.9745
Stop Loss 0.9850
Key Levels 0.9745, 0.9810, 0.9892, 0.9912