The pair may grow.
On the 4-hour chart, the third wave of the higher level iii of 3 of (3) develops. Now, the first wave (i) of iii of the lower level has formed, and the local correction (ii) of iii has ended, which has reached the correctional level 62%. If the assumption is correct, the pair will grow to the level of 1.0400 and higher. In this scenario, critical stop loss level is 1.0048.
Main scenario
Long positions will become relevant during the correction, above the level of 1.0048 with the target at 1.0400. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0048 will let the pair go down to the levels of 0.9894–0.9712.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.0114
Take Profit 1.0400
Stop Loss 1.0048
Key Levels 0.9712, 0.9894, 1.0048, 1.0400
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0040
Take Profit 0.9894, 0.9712
Stop Loss 1.0100
Key Levels 0.9712, 0.9894, 1.0048, 1.0400
On the 4-hour chart, the third wave of the higher level iii of 3 of (3) develops. Now, the first wave (i) of iii of the lower level has formed, and the local correction (ii) of iii has ended, which has reached the correctional level 62%. If the assumption is correct, the pair will grow to the level of 1.0400 and higher. In this scenario, critical stop loss level is 1.0048.
Main scenario
Long positions will become relevant during the correction, above the level of 1.0048 with the target at 1.0400. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 1.0048 will let the pair go down to the levels of 0.9894–0.9712.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 1.0114
Take Profit 1.0400
Stop Loss 1.0048
Key Levels 0.9712, 0.9894, 1.0048, 1.0400
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0040
Take Profit 0.9894, 0.9712
Stop Loss 1.0100
Key Levels 0.9712, 0.9894, 1.0048, 1.0400