On the daily chart, the first wave 1 within the third wave (3) of the higher level is forming. Now the fifth wave of the lower level v of 1, within which the downward correction (ii) of v of 1 has ended, is developing. If the assumption is correct, the pair will grow to the level of 0.8300. The level of 0.7712 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7712 with the target at 0.8300.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7712 will let the pair go down to the level of 0.7500.
Trade
Scenario
Timeframe Weekly Recommendation BUY Entry Point 0.7873 Take Profit 0.8300 Stop Loss 0.7730 Key Levels 0.7500, 0.7712, 0.8300
Alternative scenario
Recommendation SELL STOP Entry Point 0.7705 Take Profit 0.7500 Stop Loss 0.7775 Key Levels 0.7500, 0.7712, 0.8300