The probability of growth remains.
On the daily timeframe, the upward correction is developing as a wave 2 of (5). Presumably, a wave a of 2 has formed, and wave b of 2 is developing, within which the downward impulse of the lower wave (a) of b was completed. If the assumption is correct, then a corrective growth of the pair can continue to the level of 0.7305. A critical level for this scenario would be 0.7164.
Main scenario
Long positions will become relevant above the level of 0.7164 with the target at 0.7305. Implementation period: 3–5 days.
Alternative scenario
Breakdown and consolidation of the price below the level of 0.7164 will allow the pair to decline to the level of 0.7022.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7211
Take Profit 0.7305
Stop Loss 0.7164
Key Levels 0.7022, 0.7164, 0.7305
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7160
Take Profit 0.7022
Stop Loss 0.7220
Key Levels 0.7022, 0.7164, 0.7305
On the daily timeframe, the upward correction is developing as a wave 2 of (5). Presumably, a wave a of 2 has formed, and wave b of 2 is developing, within which the downward impulse of the lower wave (a) of b was completed. If the assumption is correct, then a corrective growth of the pair can continue to the level of 0.7305. A critical level for this scenario would be 0.7164.
Main scenario
Long positions will become relevant above the level of 0.7164 with the target at 0.7305. Implementation period: 3–5 days.
Alternative scenario
Breakdown and consolidation of the price below the level of 0.7164 will allow the pair to decline to the level of 0.7022.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7211
Take Profit 0.7305
Stop Loss 0.7164
Key Levels 0.7022, 0.7164, 0.7305
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7160
Take Profit 0.7022
Stop Loss 0.7220
Key Levels 0.7022, 0.7164, 0.7305