The pair is in a correction and may grow.
On the 4-hour chart, the downward correction of the higher level developed as the wave b of 2. Now, the wave c of 2 is forming, within which the first wave of the lower level (i) of c has developed, and the local correction (ii) of c is forming. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 0.7072–0.7205. In this scenario, critical stop loss level is 0.6862.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6862 with the targets at 0.7072–0.7205. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6862 will let the pair go down to the levels of 0.6800–0.6750.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.6956
Take Profit 0.7072, 0.7205
Stop Loss 0.6862
Key Levels 0.6750, 0.6800, 0.6862, 0.7072, 0.7205
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6855
Take Profit 0.6800, 0.6750
Stop Loss 0.6880
Key Levels 0.6750, 0.6800, 0.6862, 0.7072, 0.7205
On the 4-hour chart, the downward correction of the higher level developed as the wave b of 2. Now, the wave c of 2 is forming, within which the first wave of the lower level (i) of c has developed, and the local correction (ii) of c is forming. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 0.7072–0.7205. In this scenario, critical stop loss level is 0.6862.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6862 with the targets at 0.7072–0.7205. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6862 will let the pair go down to the levels of 0.6800–0.6750.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.6956
Take Profit 0.7072, 0.7205
Stop Loss 0.6862
Key Levels 0.6750, 0.6800, 0.6862, 0.7072, 0.7205
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6855
Take Profit 0.6800, 0.6750
Stop Loss 0.6880
Key Levels 0.6750, 0.6800, 0.6862, 0.7072, 0.7205