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 development of the wave iii of 1 is starting, within which the first entry wave of the lower level i of (i) of iii has formed. 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 1.0028.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0028 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 1.0028 will let the pair grow to the levels of 1.0121–1.0230.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9944
Take Profit 0.9656, 0.9556
Stop Loss 1.0028
Key Levels 0.9556, 0.9656, 1.0028, 1.0121, 1.0230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0035
Take Profit 1.0121, 1.0230
Stop Loss 1.0005
Key Levels 0.9556, 0.9656, 1.0028, 1.0121, 1.0230
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 development of the wave iii of 1 is starting, within which the first entry wave of the lower level i of (i) of iii has formed. 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 1.0028.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0028 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 1.0028 will let the pair grow to the levels of 1.0121–1.0230.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9944
Take Profit 0.9656, 0.9556
Stop Loss 1.0028
Key Levels 0.9556, 0.9656, 1.0028, 1.0121, 1.0230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0035
Take Profit 1.0121, 1.0230
Stop Loss 1.0005
Key Levels 0.9556, 0.9656, 1.0028, 1.0121, 1.0230