The pair may fall.
On the daily chart, an upward correction of the higher level developed as the second wave (2), and the formation of the third wave (3) started. Now, the third wave of the lower level iii of 1 of (3) is forming, within which the first wave (i) of iii has formed as a diagonal, and the local correction (ii) of iii is ending. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 0.9717–0.9656. In this scenario, critical stop loss level is 1.0027.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0027 with the targets at 0.9717–0.9656. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0027 will let the pair grow to the levels of 1.0121–1.0230.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9945
Take Profit 0.9717, 0.9656
Stop Loss 1.0027
Key Levels 0.9656, 0.9717, 1.0027, 1.0121, 1.0230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0030
Take Profit 1.0121, 1.0230
Stop Loss 0.9970
Key Levels 0.9656, 0.9717, 1.0027, 1.0121, 1.0230
On the daily chart, an upward correction of the higher level developed as the second wave (2), and the formation of the third wave (3) started. Now, the third wave of the lower level iii of 1 of (3) is forming, within which the first wave (i) of iii has formed as a diagonal, and the local correction (ii) of iii is ending. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 0.9717–0.9656. In this scenario, critical stop loss level is 1.0027.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0027 with the targets at 0.9717–0.9656. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0027 will let the pair grow to the levels of 1.0121–1.0230.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9945
Take Profit 0.9717, 0.9656
Stop Loss 1.0027
Key Levels 0.9656, 0.9717, 1.0027, 1.0121, 1.0230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0030
Take Profit 1.0121, 1.0230
Stop Loss 0.9970
Key Levels 0.9656, 0.9717, 1.0027, 1.0121, 1.0230