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 formed as a zigzag, and the development of the wave c of 2 is beginning. If the assumption is correct, the pair will grow to the levels of 0.7204–0.7387. In this scenario, critical stop loss level is 0.7000.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7000 with the targets at 0.7204–0.7387. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.7000 will let the pair go down to the levels of 0.6920–0.6830.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7059
Take Profit 0.7204, 0.7387
Stop Loss 0.7000
Key Levels 0.6830, 0.6920, 0.7000, 0.7204, 0.7387
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6995
Take Profit 0.6920, 0.6830
Stop Loss 0.7030
Key Levels 0.6830, 0.6920, 0.7000, 0.7204, 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 has formed as a zigzag, and the development of the wave c of 2 is beginning. If the assumption is correct, the pair will grow to the levels of 0.7204–0.7387. In this scenario, critical stop loss level is 0.7000.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7000 with the targets at 0.7204–0.7387. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.7000 will let the pair go down to the levels of 0.6920–0.6830.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7059
Take Profit 0.7204, 0.7387
Stop Loss 0.7000
Key Levels 0.6830, 0.6920, 0.7000, 0.7204, 0.7387
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6995
Take Profit 0.6920, 0.6830
Stop Loss 0.7030
Key Levels 0.6830, 0.6920, 0.7000, 0.7204, 0.7387