The pair may fall.
On the daily chart, the third wave of the higher level 3 of (5) forms, within which the wave iii of 3 develops. Now, the first wave of the lower level (i) of iii has formed, the local correction (ii) of iii has developed, and the wave (iii) of iii is forming. If the assumption is correct, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6892.
Main scenario
Short positions will become relevant below the level of 0.6892 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6892 will let the pair grow to the levels of 0.7080–0.7202.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6831
Take Profit 0.6540, 0.6418
Stop Loss 0.6892
Key Levels 0.6418, 0.6540, 0.6892, 0.7080, 0.7202
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6900
Take Profit 0.7080, 0.7202
Stop Loss 0.6840
Key Levels 0.6418, 0.6540, 0.6892, 0.7080, 0.7202
On the daily chart, the third wave of the higher level 3 of (5) forms, within which the wave iii of 3 develops. Now, the first wave of the lower level (i) of iii has formed, the local correction (ii) of iii has developed, and the wave (iii) of iii is forming. If the assumption is correct, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6892.
Main scenario
Short positions will become relevant below the level of 0.6892 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6892 will let the pair grow to the levels of 0.7080–0.7202.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6831
Take Profit 0.6540, 0.6418
Stop Loss 0.6892
Key Levels 0.6418, 0.6540, 0.6892, 0.7080, 0.7202
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6900
Take Profit 0.7080, 0.7202
Stop Loss 0.6840
Key Levels 0.6418, 0.6540, 0.6892, 0.7080, 0.7202