The pair may grow.
On the 4-hour chart, the upward correction of the higher level develops as the wave 2 of (5). Now the wave c of 2 is developing, within which the local correction (ii) of c has ended, and the wave (iii) of c is developing. If the assumption is correct, the pair will grow to the levels of 0.7292–0.7387. In this scenario, critical stop loss level is 0.7137.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7137 with the targets at 0.7292–0.7387. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.7137 will let the pair go down to the levels of 0.7049–0.6920.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7195
Take Profit 0.7292, 0.7387
Stop Loss 0.7137
Key Levels 0.6920, 0.7049, 0.7137, 0.7292, 0.7387
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7130
Take Profit 0.7049, 0.6920
Stop Loss 0.7160
Key Levels 0.6920, 0.7049, 0.7137, 0.7292, 0.7387
On the 4-hour chart, the upward correction of the higher level develops as the wave 2 of (5). Now the wave c of 2 is developing, within which the local correction (ii) of c has ended, and the wave (iii) of c is developing. If the assumption is correct, the pair will grow to the levels of 0.7292–0.7387. In this scenario, critical stop loss level is 0.7137.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7137 with the targets at 0.7292–0.7387. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.7137 will let the pair go down to the levels of 0.7049–0.6920.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7195
Take Profit 0.7292, 0.7387
Stop Loss 0.7137
Key Levels 0.6920, 0.7049, 0.7137, 0.7292, 0.7387
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7130
Take Profit 0.7049, 0.6920
Stop Loss 0.7160
Key Levels 0.6920, 0.7049, 0.7137, 0.7292, 0.7387