The trend is upward.
On the 4-hour chart, the upward momentum is developing as a first wave of the higher level 1 of (3). Now the fifth wave v of 1 is developing, within which the local correction has ended as a wave (ii), of v and the wave (iii) of v is forming. If the assumption is correct, the pair will grow to the levels of 1.0057–1.0190. The level of 0.9889 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9889 with the targets at 1.0057–1.0190. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9889 will let the pair go down to the levels of 0.9745–0.9668.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9944
Take Profit 1.0057, 1.0190
Stop Loss 0.9889
Key Levels 0.9668, 0.9745, 0.9889, 1.0057, 1.0190
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9885
Take Profit 0.9745, 0.9668
Stop Loss 0.9935
Key Levels 0.9668, 0.9745, 0.9889, 1.0057, 1.0190
On the 4-hour chart, the upward momentum is developing as a first wave of the higher level 1 of (3). Now the fifth wave v of 1 is developing, within which the local correction has ended as a wave (ii), of v and the wave (iii) of v is forming. If the assumption is correct, the pair will grow to the levels of 1.0057–1.0190. The level of 0.9889 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9889 with the targets at 1.0057–1.0190. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9889 will let the pair go down to the levels of 0.9745–0.9668.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9944
Take Profit 1.0057, 1.0190
Stop Loss 0.9889
Key Levels 0.9668, 0.9745, 0.9889, 1.0057, 1.0190
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9885
Take Profit 0.9745, 0.9668
Stop Loss 0.9935
Key Levels 0.9668, 0.9745, 0.9889, 1.0057, 1.0190