The price can fall.
On the 4-hour chart, the downward trend is forming as a first wave 1 of (5) of the higher level. Now the local correction has ended as a wave iv of 1, and the development of the fifth wave v of 1 has begun. If the assumption is correct, the pair will fall to the level of 0.7340. The level of 0.7595 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7595 with the target at 0.7340. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7595 will let the pair grow to the levels of 0.7642–0.7680.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7507
Take Profit 0.7340
Stop Loss 0.7595
Key Levels 0.7340, 0.7595, 0.7642, 0.7680
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7600
Take Profit 0.7642, 0.7680
Stop Loss 0.7560
Key Levels 0.7340, 0.7595, 0.7642, 0.7680
On the 4-hour chart, the downward trend is forming as a first wave 1 of (5) of the higher level. Now the local correction has ended as a wave iv of 1, and the development of the fifth wave v of 1 has begun. If the assumption is correct, the pair will fall to the level of 0.7340. The level of 0.7595 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7595 with the target at 0.7340. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7595 will let the pair grow to the levels of 0.7642–0.7680.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7507
Take Profit 0.7340
Stop Loss 0.7595
Key Levels 0.7340, 0.7595, 0.7642, 0.7680
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7600
Take Profit 0.7642, 0.7680
Stop Loss 0.7560
Key Levels 0.7340, 0.7595, 0.7642, 0.7680