The pair is in a correction and may grow.
On the 4-hour chart, the third wave of the higher level (3) develops, within which the first wave 1 of (3) forms. Now, the first wave of the lower level i of 1 has formed, and an upward correction is developing as the wave ii of 1, within which the wave (c) of ii is forming. If the assumption is correct, the pair will grow to the levels of 0.9975–1.0010. In this scenario, critical stop loss level is 0.9797.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9797 with the targets at 0.9975–1.0010. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.9797 will let the pair go down to the levels of 0.9656–0.9556.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9865
Take Profit 0.9975, 1.0010
Stop Loss 0.9797
Key Levels 0.9556, 0.9656, 0.9797, 0.9975, 1.0010
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9790
Take Profit 0.9656, 0.9556
Stop Loss 0.9850
Key Levels 0.9556, 0.9656, 0.9797, 0.9975, 1.0010
On the 4-hour chart, the third wave of the higher level (3) develops, within which the first wave 1 of (3) forms. Now, the first wave of the lower level i of 1 has formed, and an upward correction is developing as the wave ii of 1, within which the wave (c) of ii is forming. If the assumption is correct, the pair will grow to the levels of 0.9975–1.0010. In this scenario, critical stop loss level is 0.9797.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9797 with the targets at 0.9975–1.0010. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.9797 will let the pair go down to the levels of 0.9656–0.9556.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9865
Take Profit 0.9975, 1.0010
Stop Loss 0.9797
Key Levels 0.9556, 0.9656, 0.9797, 0.9975, 1.0010
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9790
Take Profit 0.9656, 0.9556
Stop Loss 0.9850
Key Levels 0.9556, 0.9656, 0.9797, 0.9975, 1.0010