The pair may fall.
On the 4-hour chart, a local correction developed as the second wave of the higher level ii of 1, shaped as a flat. Now, the formation of the third wave iii of 1 has begun, within which a small entry momentum has formed as the wave i of (i) of iii. If the assumption is correct, the pair will fall to the levels of 0.9656–0.9556. In this scenario, critical stop loss level is 0.9985.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9985 with the targets at 0.9656–0.9556. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9985 will let the pair grow to the levels of 1.0025–1.0121.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9904
Take Profit 0.9656, 0.9556
Stop Loss 0.9985
Key Levels 0.9556, 0.9656, 0.9985, 1.0025, 1.0121
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9990
Take Profit 1.0025, 1.0121
Stop Loss 0.9960
Key Levels 0.9556, 0.9656, 0.9985, 1.0025, 1.0121
On the 4-hour chart, a local correction developed as the second wave of the higher level ii of 1, shaped as a flat. Now, the formation of the third wave iii of 1 has begun, within which a small entry momentum has formed as the wave i of (i) of iii. If the assumption is correct, the pair will fall to the levels of 0.9656–0.9556. In this scenario, critical stop loss level is 0.9985.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9985 with the targets at 0.9656–0.9556. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9985 will let the pair grow to the levels of 1.0025–1.0121.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9904
Take Profit 0.9656, 0.9556
Stop Loss 0.9985
Key Levels 0.9556, 0.9656, 0.9985, 1.0025, 1.0121
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9990
Take Profit 1.0025, 1.0121
Stop Loss 0.9960
Key Levels 0.9556, 0.9656, 0.9985, 1.0025, 1.0121