The trend is downward.
On the 4-hour chart, the downward trend is developing within the first wave 1 of (3) of the higher level. Now the third wave of the lower level iii of 1 has formed as a momentum, and the upward correction is developing as a wave iv of 1. If the assumption is correct, the pair will fall to the level of 0.9120 after the end of the correction. The level of 0.9410 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the correction below the level of 0.9410 with the target at 0.9120.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9410 will let the pair grow to the level of 0.9585.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9316
Take Profit 0.9120
Stop Loss 0.9375
Key Levels 0.9120, 0.9410, 0.9585
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9420
Take Profit 0.9585
Stop Loss 0.9360
Key Levels 0.9120, 0.9410, 0.9585
On the 4-hour chart, the downward trend is developing within the first wave 1 of (3) of the higher level. Now the third wave of the lower level iii of 1 has formed as a momentum, and the upward correction is developing as a wave iv of 1. If the assumption is correct, the pair will fall to the level of 0.9120 after the end of the correction. The level of 0.9410 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the correction below the level of 0.9410 with the target at 0.9120.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9410 will let the pair grow to the level of 0.9585.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9316
Take Profit 0.9120
Stop Loss 0.9375
Key Levels 0.9120, 0.9410, 0.9585
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9420
Take Profit 0.9585
Stop Loss 0.9360
Key Levels 0.9120, 0.9410, 0.9585