The price can grow.
On the 4-hour chart, the first wave of the higher level 1 develops, within which the wave iii of 1 ended. Now the formation of the upward correction as a fourth wave iv of 1 is beginning. If the assumption is correct, the pair will grow to the level of 0.7455. The level of 0.7206 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7206 with the target at 0.7455. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7206 will let the pair go down to the level of 0.7100.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7270
Take Profit 0.7455
Stop Loss 0.7206
Key Levels 0.7100, 0.7206, 0.7455
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7200
Take Profit 0.7100
Stop Loss 0.7260
Key Levels 0.7100, 0.7206, 0.7455
On the 4-hour chart, the first wave of the higher level 1 develops, within which the wave iii of 1 ended. Now the formation of the upward correction as a fourth wave iv of 1 is beginning. If the assumption is correct, the pair will grow to the level of 0.7455. The level of 0.7206 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7206 with the target at 0.7455. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7206 will let the pair go down to the level of 0.7100.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7270
Take Profit 0.7455
Stop Loss 0.7206
Key Levels 0.7100, 0.7206, 0.7455
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7200
Take Profit 0.7100
Stop Loss 0.7260
Key Levels 0.7100, 0.7206, 0.7455