The pair is in a correction and can grow.
On the 4-hour chart, the third wave of the higher level iii of 1 of (5) developed. Now the formation the local correction as a wave iv of 1 of (5) has begun, within which the wave (a) of iv has formed, and the wave (b) of iv is developing. If the assumption is correct, after the end of the wave the pair will grow to the levels of 0.7237–0.7312. In this scenario, critical stop loss level is 0.7041.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7041 with the targets at 0.7237–0.7312. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7041 will let the pair go down to the levels of 0.6950–0.6900.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7115
Take Profit 0.7237, 0.7312
Stop Loss 0.7041
Key Levels 0.6900, 0.6950, 0.7041, 0.7237, 0.7312
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7035
Take Profit 0.6950, 0.6900
Stop Loss 0.7095
Key Levels 0.6900, 0.6950, 0.7041, 0.7237, 0.7312
On the 4-hour chart, the third wave of the higher level iii of 1 of (5) developed. Now the formation the local correction as a wave iv of 1 of (5) has begun, within which the wave (a) of iv has formed, and the wave (b) of iv is developing. If the assumption is correct, after the end of the wave the pair will grow to the levels of 0.7237–0.7312. In this scenario, critical stop loss level is 0.7041.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7041 with the targets at 0.7237–0.7312. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7041 will let the pair go down to the levels of 0.6950–0.6900.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7115
Take Profit 0.7237, 0.7312
Stop Loss 0.7041
Key Levels 0.6900, 0.6950, 0.7041, 0.7237, 0.7312
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7035
Take Profit 0.6950, 0.6900
Stop Loss 0.7095
Key Levels 0.6900, 0.6950, 0.7041, 0.7237, 0.7312