The pair can grow.
On the 4-hour chart, the downward correction of the higher level developed as a wave 2, and the wave 3 forms. Now the local correction ii of 3 has developed, and the entry wave (i) of iii has formed. If the assumption is correct, the pair will grow to the levels of 1.0068–1.0170. In this scenario, critical stop loss level is 0.9847.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9847 with the targets at 1.0068–1.0170. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9847 will let the pair go down to the levels of 0.9748–0.9700.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9950
Take Profit 1.0068, 1.0170
Stop Loss 0.9847
Key Levels 0.9700, 0.9748, 0.9847, 1.0068, 1.0170
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9840
Take Profit 0.9748, 0.9700
Stop Loss 0.9900
Key Levels 0.9700, 0.9748, 0.9847, 1.0068, 1.0170
On the 4-hour chart, the downward correction of the higher level developed as a wave 2, and the wave 3 forms. Now the local correction ii of 3 has developed, and the entry wave (i) of iii has formed. If the assumption is correct, the pair will grow to the levels of 1.0068–1.0170. In this scenario, critical stop loss level is 0.9847.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9847 with the targets at 1.0068–1.0170. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9847 will let the pair go down to the levels of 0.9748–0.9700.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9950
Take Profit 1.0068, 1.0170
Stop Loss 0.9847
Key Levels 0.9700, 0.9748, 0.9847, 1.0068, 1.0170
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9840
Take Profit 0.9748, 0.9700
Stop Loss 0.9900
Key Levels 0.9700, 0.9748, 0.9847, 1.0068, 1.0170