The pair may grow.
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave (i) of a of 2 has formed, and the local correction (ii) of a has ended. If the assumption is correct, the pair will grow within the wave (iii) of a to the level of 0.7391. In this scenario, critical stop loss level is 0.7139.
Main scenario
Long positions will become relevant above the level of 0.7139 with the target at 0.7391. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7139 will let the pair go down to the levels of 0.7074–0.6971.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7191
Take Profit 0.7391
Stop Loss 0.7139
Key Levels 0.6971, 0.7074, 0.7139, 0.7391
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7130
Take Profit 0.7074, 0.6971
Stop Loss 0.7180
Key Levels 0.6971, 0.7074, 0.7139, 0.7391
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave (i) of a of 2 has formed, and the local correction (ii) of a has ended. If the assumption is correct, the pair will grow within the wave (iii) of a to the level of 0.7391. In this scenario, critical stop loss level is 0.7139.
Main scenario
Long positions will become relevant above the level of 0.7139 with the target at 0.7391. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7139 will let the pair go down to the levels of 0.7074–0.6971.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7191
Take Profit 0.7391
Stop Loss 0.7139
Key Levels 0.6971, 0.7074, 0.7139, 0.7391
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7130
Take Profit 0.7074, 0.6971
Stop Loss 0.7180
Key Levels 0.6971, 0.7074, 0.7139, 0.7391