The pair can decrease.
On the 4-hour chart, the upward correction (4) of the higher level has formed. Now the upward correction (ii) of i of the lower level has ended, and the development of the wave (iii) of I has begun. If the assumption is correct, the pair will fall to the level of 0.7500. The level of 0.7992 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7992 with the target at 0.7500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7992 will let the pair grow to the level of 0.8135.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7808
Take Profit 0.7500
Stop Loss 0.7910
Key Levels 0.7500, 0.7992, 0.8135
Alternative scenario
Recommendation BUY STOP
Entry Point 0.8000
Take Profit 0.8135
Stop Loss 0.7940
Key Levels 0.7500, 0.7992, 0.8135
On the 4-hour chart, the upward correction (4) of the higher level has formed. Now the upward correction (ii) of i of the lower level has ended, and the development of the wave (iii) of I has begun. If the assumption is correct, the pair will fall to the level of 0.7500. The level of 0.7992 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7992 with the target at 0.7500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7992 will let the pair grow to the level of 0.8135.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7808
Take Profit 0.7500
Stop Loss 0.7910
Key Levels 0.7500, 0.7992, 0.8135
Alternative scenario
Recommendation BUY STOP
Entry Point 0.8000
Take Profit 0.8135
Stop Loss 0.7940
Key Levels 0.7500, 0.7992, 0.8135