The pair is in correction. The fall is possible.
On the daily chart the upward correction (4) of the higher level has formed. At the moment the development of the fifth wave (5) has begun, within which the downward entering momentum of the lower level (i) has formed, and the upward correction (ii) is developing. If the assumption is correct, the pair will go down to the level of 0.7500 after the end of the correction. The level of 0.8133 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the correction (ii) below the level of 0.8133 with the target at 0.7500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.8133 will let the pair grow to the level of 0.8250.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7876
Take Profit 0.7500
Stop Loss 0.8000
Key Levels 0.7500, 0.8133, 0.8250
Alternative scenario
Recommendation BUY STOP
Entry Point 0.8140
Take Profit 0.8250
Stop Loss 0.8080
Key Levels 0.7500, 0.8133, 0.8250
On the daily chart the upward correction (4) of the higher level has formed. At the moment the development of the fifth wave (5) has begun, within which the downward entering momentum of the lower level (i) has formed, and the upward correction (ii) is developing. If the assumption is correct, the pair will go down to the level of 0.7500 after the end of the correction. The level of 0.8133 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the correction (ii) below the level of 0.8133 with the target at 0.7500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.8133 will let the pair grow to the level of 0.8250.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7876
Take Profit 0.7500
Stop Loss 0.8000
Key Levels 0.7500, 0.8133, 0.8250
Alternative scenario
Recommendation BUY STOP
Entry Point 0.8140
Take Profit 0.8250
Stop Loss 0.8080
Key Levels 0.7500, 0.8133, 0.8250