The trend is upward.
On the 4-hour chart, the upward correction of the higher level is developing as a wave (4). Locally the upward momentum is forming within the fifth wave of the lower level v of C of (4). If the assumption is correct, the pair will grow to the levels of 0.8050–0.8124. The level of 0.7900 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7900 with the targets at 0.8050–0.8124.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7900 will let the pair go down to the levels of 0.7805–0.7730.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7963
Take Profit 0.8050, 0.8124
Stop Loss 0.7900
Key Levels 0.7730, 0.7805, 0.7900, 0.8050, 0.8124
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7890
Take Profit 0.7805, 0.7730
Stop Loss 0.7950
Key Levels 0.7730, 0.7805, 0.7900, 0.8050, 0.8124
On the 4-hour chart, the upward correction of the higher level is developing as a wave (4). Locally the upward momentum is forming within the fifth wave of the lower level v of C of (4). If the assumption is correct, the pair will grow to the levels of 0.8050–0.8124. The level of 0.7900 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7900 with the targets at 0.8050–0.8124.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7900 will let the pair go down to the levels of 0.7805–0.7730.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7963
Take Profit 0.8050, 0.8124
Stop Loss 0.7900
Key Levels 0.7730, 0.7805, 0.7900, 0.8050, 0.8124
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7890
Take Profit 0.7805, 0.7730
Stop Loss 0.7950
Key Levels 0.7730, 0.7805, 0.7900, 0.8050, 0.8124