The pair may fall.
On the daily chart, a downward trend develops as the fifth wave of the higher level (5). Now, the development of the third wave 3 of (5) has begun, within which the wave of the lower level iii of 3 is forming. If the assumption is correct, the pair will fall to the level of 0.6544. In this scenario, critical stop loss level is 0.7021.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7021 with the target at 0.6544. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7021 will let the pair grow to the levels of 0.7205–0.7400.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6876
Take Profit 0.6544
Stop Loss 0.7021
Key Levels 0.6544, 0.7021, 0.7205, 0.7400
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7025
Take Profit 0.7205, 0.7400
Stop Loss 0.6965
Key Levels 0.6544, 0.7021, 0.7205, 0.7400
On the daily chart, a downward trend develops as the fifth wave of the higher level (5). Now, the development of the third wave 3 of (5) has begun, within which the wave of the lower level iii of 3 is forming. If the assumption is correct, the pair will fall to the level of 0.6544. In this scenario, critical stop loss level is 0.7021.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7021 with the target at 0.6544. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7021 will let the pair grow to the levels of 0.7205–0.7400.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6876
Take Profit 0.6544
Stop Loss 0.7021
Key Levels 0.6544, 0.7021, 0.7205, 0.7400
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7025
Take Profit 0.7205, 0.7400
Stop Loss 0.6965
Key Levels 0.6544, 0.7021, 0.7205, 0.7400