The pair may grow.
On the 4-hour chart, the upward correction develops as a wave 2 of (5). Now wave a of 2 is developing, within which the waves (i) and (ii) of a have formed. If the assumption is correct, the pair will grow to the levels of 0.7450–0.7587. In this scenario, critical stop loss level is 0.7197.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7197 with the targets at 0.7450–0.7587. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7197 will let the pair go down to the levels of 0.7020–0.6950.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7318
Take Profit 0.7450, 0.7587
Stop Loss 0.7197
Key Levels 0.6950, 0.7020, 0.7197, 0.7450, 0.7587
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7190
Take Profit 0.7020, 0.6950
Stop Loss 0.7245
Key Levels 0.6950, 0.7020, 0.7197, 0.7450, 0.7587
On the 4-hour chart, the upward correction develops as a wave 2 of (5). Now wave a of 2 is developing, within which the waves (i) and (ii) of a have formed. If the assumption is correct, the pair will grow to the levels of 0.7450–0.7587. In this scenario, critical stop loss level is 0.7197.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7197 with the targets at 0.7450–0.7587. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7197 will let the pair go down to the levels of 0.7020–0.6950.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7318
Take Profit 0.7450, 0.7587
Stop Loss 0.7197
Key Levels 0.6950, 0.7020, 0.7197, 0.7450, 0.7587
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7190
Take Profit 0.7020, 0.6950
Stop Loss 0.7245
Key Levels 0.6950, 0.7020, 0.7197, 0.7450, 0.7587