The pair can grow.
On the 4-hour chart, the upward momentum is developing as a first wave of the higher level 1 of (3). Now the local correction has ended as a fourth wave iv of 1, and the development of the wave v of 1 has begun. If the assumption is correct, the pair will grow to the levels of 0.9985–1.0057. The level of 0.9787 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9787 with the targets at 0.9985–1.0057. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9787 will let the pair go down to the level of 0.9668.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9878
Take Profit 0.9985, 1.0057
Stop Loss 0.9787
Key Levels 0.9668, 0.9787, 0.9985, 1.0057
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9780
Take Profit 0.9668
Stop Loss 0.9840
Key Levels 0.9668, 0.9787, 0.9985, 1.0057
On the 4-hour chart, the upward momentum is developing as a first wave of the higher level 1 of (3). Now the local correction has ended as a fourth wave iv of 1, and the development of the wave v of 1 has begun. If the assumption is correct, the pair will grow to the levels of 0.9985–1.0057. The level of 0.9787 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9787 with the targets at 0.9985–1.0057. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9787 will let the pair go down to the level of 0.9668.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9878
Take Profit 0.9985, 1.0057
Stop Loss 0.9787
Key Levels 0.9668, 0.9787, 0.9985, 1.0057
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9780
Take Profit 0.9668
Stop Loss 0.9840
Key Levels 0.9668, 0.9787, 0.9985, 1.0057