The downward correction is ending; the growth of the pair is expected.
On the 4-hour chart, the formation of the downward correction as a second wave 2 within the third wave (3) of the higher level is ending. Now the downward momentum is ending within the wave c of 2. If the assumption is correct, the pair will grow to the levels of 0.7910–0.8140 in the nearest future. The level of 0.7650 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 0.7650 with the targets at 0.7910–0.8140.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7650 will let the pair go down to the level of 0.7537.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7707
Take Profit 0.7910, 0.8140
Stop Loss 0.7640
Key Levels 0.7537, 0.7650, 0.7910, 0.8140
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7640
Take Profit 0.7537
Stop Loss 0.7700
Key Levels 0.7537, 0.7650, 0.7910, 0.8140
On the 4-hour chart, the formation of the downward correction as a second wave 2 within the third wave (3) of the higher level is ending. Now the downward momentum is ending within the wave c of 2. If the assumption is correct, the pair will grow to the levels of 0.7910–0.8140 in the nearest future. The level of 0.7650 is critical for this scenario.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 0.7650 with the targets at 0.7910–0.8140.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7650 will let the pair go down to the level of 0.7537.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7707
Take Profit 0.7910, 0.8140
Stop Loss 0.7640
Key Levels 0.7537, 0.7650, 0.7910, 0.8140
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7640
Take Profit 0.7537
Stop Loss 0.7700
Key Levels 0.7537, 0.7650, 0.7910, 0.8140