On the 4-hour chart, the third wave of the higher level (3) develops, within which the correctional wave ii of 1 of (3) ended. Now the third wave of the lower level iii of 1 of (3) is developing, within which the wave (iii) of iii is forming. If the assumption is correct, the pair will grow to the levels of 1.0233–1.0300. In this scenario, critical stop loss level is 0.9995.
Main scenario
Long positions will become relevant above the level of 0.9995 with the targets at 1.0233–1.0300. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.9995 will let the pair go down to the levels of 0.9894–0.9709.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 1.0146 Take Profit 1.0233, 1.0300 Stop Loss 1.0120 Key Levels 0.9709, 0.9894, 0.9995, 1.0233, 1.0300
Alternative scenario
Recommendation SELL STOP Entry Point 0.9990 Take Profit 0.9894, 0.9709 Stop Loss 1.0020 Key Levels 0.9709, 0.9894, 0.9995, 1.0233, 1.0300