The pair may fall.
On the 4-hour chart, a local correction developed as the second wave of the higher level ii of 1, shaped as a flat, and the formation of the wave iii of 1 started. Now, the first wave of the lower level (i) of iii is developing, within which the wave iii of (i) is forming. If the assumption is correct, the pair will fall to the levels of 0.9656–0.9556. In this scenario, critical stop loss level is 0.9997.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9997 with the targets at 0.9656–0.9556. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9997 will let the pair grow to the levels of 1.0121–1.0230.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9879
Take Profit 0.9656, 0.9556
Stop Loss 0.9997
Key Levels 0.9556, 0.9656, 0.9997, 1.0121, 1.0230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0000
Take Profit 1.0121, 1.0230
Stop Loss 0.9940
Key Levels 0.9556, 0.9656, 0.9997, 1.0121, 1.0230
On the 4-hour chart, a local correction developed as the second wave of the higher level ii of 1, shaped as a flat, and the formation of the wave iii of 1 started. Now, the first wave of the lower level (i) of iii is developing, within which the wave iii of (i) is forming. If the assumption is correct, the pair will fall to the levels of 0.9656–0.9556. In this scenario, critical stop loss level is 0.9997.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9997 with the targets at 0.9656–0.9556. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9997 will let the pair grow to the levels of 1.0121–1.0230.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9879
Take Profit 0.9656, 0.9556
Stop Loss 0.9997
Key Levels 0.9556, 0.9656, 0.9997, 1.0121, 1.0230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0000
Take Profit 1.0121, 1.0230
Stop Loss 0.9940
Key Levels 0.9556, 0.9656, 0.9997, 1.0121, 1.0230