The pair can decrease.
On the 4-hour chart, the downward trend is forming as a first wave 1 of (5) of the higher level. Now the fifth wave of the lower level v of 1 is developing, within which the upward correction has ended as a wave (iv) of v, and the wave (v) of v is developing. If the assumption is correct, the pair will fall to the levels of 0.7300–0.7250. The level of 0.7407 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7407 with the targets at 0.7300–0.7250. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7407 will let the pair grow to the levels of 0.7498–0.7540.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7339
Take Profit 0.7300, 0.7250
Stop Loss 0.7370, 0.7407
Key Levels 0.7250, 0.7300, 0.7407, 0.7498, 0.7540
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7410
Take Profit 0.7498, 0.7540
Stop Loss 0.7380
Key Levels 0.7250, 0.7300, 0.7407, 0.7498, 0.7540
On the 4-hour chart, the downward trend is forming as a first wave 1 of (5) of the higher level. Now the fifth wave of the lower level v of 1 is developing, within which the upward correction has ended as a wave (iv) of v, and the wave (v) of v is developing. If the assumption is correct, the pair will fall to the levels of 0.7300–0.7250. The level of 0.7407 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7407 with the targets at 0.7300–0.7250. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7407 will let the pair grow to the levels of 0.7498–0.7540.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7339
Take Profit 0.7300, 0.7250
Stop Loss 0.7370, 0.7407
Key Levels 0.7250, 0.7300, 0.7407, 0.7498, 0.7540
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7410
Take Profit 0.7498, 0.7540
Stop Loss 0.7380
Key Levels 0.7250, 0.7300, 0.7407, 0.7498, 0.7540