The pair is in a correction and can grow.
On the 4-hour chart, the downward correction of the higher level develops as a wave 2. Now the wave a of 2 has formed, and the development of the wave b of 2 has begun, within which the upward momentum is developing as a wave (a) of b. If the assumption is correct, the pair will grow to the levels of 0.9864–0.9900. In this scenario, critical stop loss level is 0.9636.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9636 with the targets at 0.9864–0.9900. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9636 will let the pair go down to the level of 0.9524.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9762
Take Profit 0.9864, 0.9900
Stop Loss 0.9700
Key Levels 0.9524, 0.9636, 0.9864, 0.9900
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9630
Take Profit 0.9524
Stop Loss 0.9690
Key Levels 0.9524, 0.9636, 0.9864, 0.9900
On the 4-hour chart, the downward correction of the higher level develops as a wave 2. Now the wave a of 2 has formed, and the development of the wave b of 2 has begun, within which the upward momentum is developing as a wave (a) of b. If the assumption is correct, the pair will grow to the levels of 0.9864–0.9900. In this scenario, critical stop loss level is 0.9636.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9636 with the targets at 0.9864–0.9900. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9636 will let the pair go down to the level of 0.9524.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9762
Take Profit 0.9864, 0.9900
Stop Loss 0.9700
Key Levels 0.9524, 0.9636, 0.9864, 0.9900
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9630
Take Profit 0.9524
Stop Loss 0.9690
Key Levels 0.9524, 0.9636, 0.9864, 0.9900