The pair is in a correction, the fall is possible.
On the daily chart, the third wave of the higher level 3 of (3) develops. Now, the first wave of the lower level i of 3 has formed as a wedge, and the local correction ii of 3 is developing, within which the wave (a) of ii has formed. If the assumption is correct, after the end of the wave (b) of ii, the pair will fall to the levels of 0.9894–0.9814. In this scenario, critical stop loss level is 1.0238.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0238 with the targets at 0.9894–0.9814. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0238 will let the pair grow to the levels of 1.0400–1.0467.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 1.0032 Take Profit 0.9894, 0.9814 Stop Loss 1.0135 Key Levels 0.9814, 0.9894, 1.0238, 1.0400, 1.0467
Alternative scenario
Recommendation BUY STOP Entry Point 1.0245 Take Profit 1.0400, 1.0467 Stop Loss 1.0185 Key Levels 0.9814, 0.9894, 1.0238, 1.0400, 1.0467