On the H4 chart, the downward correction of the higher level is developing as a wave (2), which includes the formation of the wave C of (2). At the moment, it seems that the local correction as a wave ii of C was completed, and the third wave iii of C has begun. If the assumption is correct, the pair will continue to decline to the levels of 0.9724–0.9618. The critical level for this scenario is 1.0008.
Main scenario
Short positions will become relevant below the level of 1.0008 with a target in the range of 0.9724–0.9618. Implementation period: 7+ days.
Alternative scenario
Breakout and consolidation of the price above the level of 1.0008 will allow the pair to rise to the level of 1.0122.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.9884 Take Profit 0.9724, 0.9618 Stop Loss 1.0008 Key Levels 0.9618, 0.9724, 1.0008, 1.0122
Alternative scenario
Recommendation BUY STOP Entry Point 1.0015 Take Profit 1.0122 Stop Loss 0.9955 Key Levels 0.9618, 0.9724, 1.0008, 1.0122