The pair can grow.
On the 4-hour chart, the upward correction is developing as a wave 2 of (3) of the higher level. Now the wave c of 2 is forming, within which the third wave of the lower level (iii) of c is forming. If the assumption is correct, the pair will grow to the levels of 0.9710–0.9770. The level of 0.9573 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9573 with the targets at 0.9710–0.9770.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9573 will let the pair go down to the level of 0.9426.
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 0.9676
Take Profit 0.9710, 0.9770
Stop Loss 0.9650
Key Levels 0.9426, 0.9573, 0.9710, 0.9770
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9580
Take Profit 0.9426
Stop Loss 0.9640
Key Levels 0.9426, 0.9573, 0.9710, 0.9770
On the 4-hour chart, the upward correction is developing as a wave 2 of (3) of the higher level. Now the wave c of 2 is forming, within which the third wave of the lower level (iii) of c is forming. If the assumption is correct, the pair will grow to the levels of 0.9710–0.9770. The level of 0.9573 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9573 with the targets at 0.9710–0.9770.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9573 will let the pair go down to the level of 0.9426.
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 0.9676
Take Profit 0.9710, 0.9770
Stop Loss 0.9650
Key Levels 0.9426, 0.9573, 0.9710, 0.9770
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9580
Take Profit 0.9426
Stop Loss 0.9640
Key Levels 0.9426, 0.9573, 0.9710, 0.9770