The pair is in a correction, the fall is possible.
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave b of 2 is developing, within which the wave (c) of b is forming. If the assumption is correct, the pair will fall to the levels of 0.6920–0.6832. In this scenario, critical stop loss level is 0.7206.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7206 with the targets at 0.6920–0.6832. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7206 will let the pair grow to the levels of 0.7292–0.7387.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7017
Take Profit 0.6920, 0.6832
Stop Loss 0.7050
Key Levels 0.6832, 0.6920, 0.7206, 0.7292, 0.7387
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7210
Take Profit 0.7292, 0.7387
Stop Loss 0.7180
Key Levels 0.6832, 0.6920, 0.7206, 0.7292, 0.7387
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave b of 2 is developing, within which the wave (c) of b is forming. If the assumption is correct, the pair will fall to the levels of 0.6920–0.6832. In this scenario, critical stop loss level is 0.7206.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7206 with the targets at 0.6920–0.6832. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7206 will let the pair grow to the levels of 0.7292–0.7387.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7017
Take Profit 0.6920, 0.6832
Stop Loss 0.7050
Key Levels 0.6832, 0.6920, 0.7206, 0.7292, 0.7387
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7210
Take Profit 0.7292, 0.7387
Stop Loss 0.7180
Key Levels 0.6832, 0.6920, 0.7206, 0.7292, 0.7387