The pair can fall.
On the 4-hour chart, the third wave of the higher level iii of 1 of (5) develops. Now the fifth wave of the lower level (v) of iii is forming, within which the wave v of (v) is developing. If the assumption is correct, the pair will fall to the levels of 0.7000–0.6950. In this scenario, critical stop loss level is 0.7140.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7140 with the targets at 0.7000–0.6950. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7140 will let the pair grow to the levels of 0.7240–0.7312.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7050
Take Profit 0.7000, 0.6950
Stop Loss 0.7070
Key Levels 0.6950, 0.7000, 0.7140, 0.7240, 0.7312
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7150
Take Profit 0.7240, 0.7312
Stop Loss 0.7120
Key Levels 0.6950, 0.7000, 0.7140, 0.7240, 0.7312
On the 4-hour chart, the third wave of the higher level iii of 1 of (5) develops. Now the fifth wave of the lower level (v) of iii is forming, within which the wave v of (v) is developing. If the assumption is correct, the pair will fall to the levels of 0.7000–0.6950. In this scenario, critical stop loss level is 0.7140.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7140 with the targets at 0.7000–0.6950. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7140 will let the pair grow to the levels of 0.7240–0.7312.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7050
Take Profit 0.7000, 0.6950
Stop Loss 0.7070
Key Levels 0.6950, 0.7000, 0.7140, 0.7240, 0.7312
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7150
Take Profit 0.7240, 0.7312
Stop Loss 0.7120
Key Levels 0.6950, 0.7000, 0.7140, 0.7240, 0.7312