The pair may grow.
On the 4-hour chart, the correction of the higher level develops as the second wave 2 of (5), within which the formation of the wave c of 2 began. Now, the downward correction (ii) of c has ended, and the development of the third wave (iii) of c has begun. If the assumption is correct, the pair will grow to the levels of 0.7205–0.7293. In this scenario, critical stop loss level is 0.6911.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6911 with the targets at 0.7205–0.7293. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6911 will let the pair go down to the levels of 0.6828–0.6700.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7028
Take Profit 0.7205, 0.7293
Stop Loss 0.6911
Key Levels 0.6700, 0.6828, 0.6911, 0.7205, 0.7293
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6905
Take Profit 0.6828, 0.6700
Stop Loss 0.6940
Key Levels 0.6700, 0.6828, 0.6911, 0.7205, 0.7293
On the 4-hour chart, the correction of the higher level develops as the second wave 2 of (5), within which the formation of the wave c of 2 began. Now, the downward correction (ii) of c has ended, and the development of the third wave (iii) of c has begun. If the assumption is correct, the pair will grow to the levels of 0.7205–0.7293. In this scenario, critical stop loss level is 0.6911.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6911 with the targets at 0.7205–0.7293. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6911 will let the pair go down to the levels of 0.6828–0.6700.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7028
Take Profit 0.7205, 0.7293
Stop Loss 0.6911
Key Levels 0.6700, 0.6828, 0.6911, 0.7205, 0.7293
Alternative scenario
Recommendation SELL STOP
Entry Point 0.6905
Take Profit 0.6828, 0.6700
Stop Loss 0.6940
Key Levels 0.6700, 0.6828, 0.6911, 0.7205, 0.7293