The pair may grow.
On the 4-hour chart, the third wave of the higher level iii of 3 of (3) develops. Now, the first wave (i) of iii of the lower level has formed, and the local correction (ii) of iii has ended. If the assumption is correct, the pair will grow to the level of 1.0400 and higher. In this scenario, critical stop loss level is 1.0072.
Main scenario
Long positions will become relevant during the correction, above the level of 1.0072 with the target at 1.0400. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0072 will let the pair go down to the levels of 0.9894–0.9712.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.0105
Take Profit 1.0400
Stop Loss 1.0072
Key Levels 0.9712, 0.9894, 1.0072, 1.0400
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0065
Take Profit 0.9894, 0.9712
Stop Loss 1.0125
Key Levels 0.9712, 0.9894, 1.0072, 1.0400
On the 4-hour chart, the third wave of the higher level iii of 3 of (3) develops. Now, the first wave (i) of iii of the lower level has formed, and the local correction (ii) of iii has ended. If the assumption is correct, the pair will grow to the level of 1.0400 and higher. In this scenario, critical stop loss level is 1.0072.
Main scenario
Long positions will become relevant during the correction, above the level of 1.0072 with the target at 1.0400. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0072 will let the pair go down to the levels of 0.9894–0.9712.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.0105
Take Profit 1.0400
Stop Loss 1.0072
Key Levels 0.9712, 0.9894, 1.0072, 1.0400
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0065
Take Profit 0.9894, 0.9712
Stop Loss 1.0125
Key Levels 0.9712, 0.9894, 1.0072, 1.0400