The pair may fall.
On the daily chart, an upward correction of the higher level develops as the second wave (2), and the formation of the third wave (3) starts. Now, the first wave 1 of (3) is developing, within which the formation of the third wave of the lower level iii of 1 has started. If the assumption is correct, the pair will fall to the levels of 0.9820–0.9656. In this scenario, critical stop loss level is 0.9996.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9996 with the targets at 0.9820–0.9656. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9996 will let the pair grow to the levels of 1.0121–1.0230.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9955
Take Profit 0.9820, 0.9656
Stop Loss 0.9996
Key Levels 0.9820, 0.9656, 0.9996, 1.0121, 1.0230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0000
Take Profit 1.0121, 1.0230
Stop Loss 0.9940
Key Levels 0.9820, 0.9656, 0.9996, 1.0121, 1.0230
On the daily chart, an upward correction of the higher level develops as the second wave (2), and the formation of the third wave (3) starts. Now, the first wave 1 of (3) is developing, within which the formation of the third wave of the lower level iii of 1 has started. If the assumption is correct, the pair will fall to the levels of 0.9820–0.9656. In this scenario, critical stop loss level is 0.9996.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9996 with the targets at 0.9820–0.9656. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9996 will let the pair grow to the levels of 1.0121–1.0230.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9955
Take Profit 0.9820, 0.9656
Stop Loss 0.9996
Key Levels 0.9820, 0.9656, 0.9996, 1.0121, 1.0230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0000
Take Profit 1.0121, 1.0230
Stop Loss 0.9940
Key Levels 0.9820, 0.9656, 0.9996, 1.0121, 1.0230