The pair is likely to grow.
On the H4 chart, the upward correction is developing as a wave 2 of (5). At the moment, it seems that the wave b of 2 is still forming, within which the downward impulse as a wave of the lower level (a) of b has completed and the formation of wave (b) of b has begun. If the assumption is correct, then a corrective growth of the pair may reach the level of 0.7305. The critical level for this scenario is the 0.7176.
Main scenario
Long positions will become relevant above the level of 0.7176 with the target of 0.7305. Implementation period: 3–5 days.
Alternative scenario
Breakdown and consolidation of the price below the level of 0.7176 will allow the pair to decline to 0.7022.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7241
Take Profit 0.7305
Stop Loss 0.7180
Key Levels 0.7022, 0.7176, 0.7305
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7170
Take Profit 0.7022
Stop Loss 0.7230
Key Levels 0.7022, 0.7176, 0.7305
On the H4 chart, the upward correction is developing as a wave 2 of (5). At the moment, it seems that the wave b of 2 is still forming, within which the downward impulse as a wave of the lower level (a) of b has completed and the formation of wave (b) of b has begun. If the assumption is correct, then a corrective growth of the pair may reach the level of 0.7305. The critical level for this scenario is the 0.7176.
Main scenario
Long positions will become relevant above the level of 0.7176 with the target of 0.7305. Implementation period: 3–5 days.
Alternative scenario
Breakdown and consolidation of the price below the level of 0.7176 will allow the pair to decline to 0.7022.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7241
Take Profit 0.7305
Stop Loss 0.7180
Key Levels 0.7022, 0.7176, 0.7305
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7170
Take Profit 0.7022
Stop Loss 0.7230
Key Levels 0.7022, 0.7176, 0.7305