The pair can grow.
On the 4-hour chart, the downward trend has formed as a first wave 1 of (5) of the higher level, and the development of the upward correction 2 of (5) has begun. Now the first wave of the lower level (i) is developing, within which the local correction iv of (i) has ended. If the assumption is correct, the pair will grow to the levels of 0.7540–0.7677. The level of 0.7358 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7358 with the targets at 0.7540–0.7677. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7358 will let the pair go down to the level of 0.7250.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7436
Take Profit 0.7540, 0.7677
Stop Loss 0.7358
Key Levels 0.7250, 0.7358, 0.7540, 0.7677
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7350
Take Profit 0.7250
Stop Loss 0.7390
Key Levels 0.7250, 0.7358, 0.7540, 0.7677
On the 4-hour chart, the downward trend has formed as a first wave 1 of (5) of the higher level, and the development of the upward correction 2 of (5) has begun. Now the first wave of the lower level (i) is developing, within which the local correction iv of (i) has ended. If the assumption is correct, the pair will grow to the levels of 0.7540–0.7677. The level of 0.7358 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7358 with the targets at 0.7540–0.7677. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7358 will let the pair go down to the level of 0.7250.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7436
Take Profit 0.7540, 0.7677
Stop Loss 0.7358
Key Levels 0.7250, 0.7358, 0.7540, 0.7677
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7350
Take Profit 0.7250
Stop Loss 0.7390
Key Levels 0.7250, 0.7358, 0.7540, 0.7677