The trend is downward.
On the 4-hour chart, the downward correction of the higher level is developing as a wave B. Now the wave c of B, within which the fifth wave of the lower level (v) of c is developing, is forming. If the assumption is correct, the pair will fall to the level of 0.9500. The level of 0.9665 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9665 with the target at 0.9500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9665 will let the pair grow to the levels of 0.9840–0.9983.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 0.9569
Take Profit 0.9500
Stop Loss 0.9630
Key Levels 0.9500, 0.9665, 0.9840, 0.9983
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9670
Take Profit 0.9840, 0.9983
Stop Loss 0.9610
Key Levels 0.9500, 0.9665, 0.9840, 0.9983
On the 4-hour chart, the downward correction of the higher level is developing as a wave B. Now the wave c of B, within which the fifth wave of the lower level (v) of c is developing, is forming. If the assumption is correct, the pair will fall to the level of 0.9500. The level of 0.9665 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9665 with the target at 0.9500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9665 will let the pair grow to the levels of 0.9840–0.9983.
Trade
Scenario
Timeframe Intraday
Recommendation SELL
Entry Point 0.9569
Take Profit 0.9500
Stop Loss 0.9630
Key Levels 0.9500, 0.9665, 0.9840, 0.9983
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9670
Take Profit 0.9840, 0.9983
Stop Loss 0.9610
Key Levels 0.9500, 0.9665, 0.9840, 0.9983