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 b of 2 has developed, and the formation of the wave c of 2 has begun, within which the wave of the lower level (i) of c is developing. If the assumption is correct, the pair will grow to the levels of 0.7243–0.7391. In this scenario, critical stop loss level is 0.7024.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7024 with the targets at 0.7243–0.7391. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7024 will let the pair go down to the levels of 0.6840–0.6773.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7133
Take Profit 0.7243, 0.7391
Stop Loss 0.7024
Key Levels 0.6773, 0.6840, 0.7243, 0.7391
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7020
Take Profit 0.6840, 0.6773
Stop Loss 0.7080
Key Levels 0.6773, 0.6840, 0.7243, 0.7391
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 has developed, and the formation of the wave c of 2 has begun, within which the wave of the lower level (i) of c is developing. If the assumption is correct, the pair will grow to the levels of 0.7243–0.7391. In this scenario, critical stop loss level is 0.7024.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7024 with the targets at 0.7243–0.7391. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7024 will let the pair go down to the levels of 0.6840–0.6773.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7133
Take Profit 0.7243, 0.7391
Stop Loss 0.7024
Key Levels 0.6773, 0.6840, 0.7243, 0.7391
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7020
Take Profit 0.6840, 0.6773
Stop Loss 0.7080
Key Levels 0.6773, 0.6840, 0.7243, 0.7391