The pair may grow.
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave c of 2 is developing, within which the wave (i) of c of the lower level has formed, and the local correction (ii) of c has ended. If the assumption is correct, the pair will grow within the wave (iii) of c to the levels of 0.7292–0.7387. In this scenario, critical stop loss level is 0.7084.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7084 with the targets at 0.7292–0.7387. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.7084 will let the pair go down to the levels of 0.6920–0.6830.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7140
Take Profit 0.7292, 0.7387
Stop Loss 0.7084
Key Levels 0.6830, 0.6920, 0.7084, 0.7292, 0.7387
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7080
Take Profit 0.6920, 0.6830
Stop Loss 0.7170
Key Levels 0.6830, 0.6920, 0.7084, 0.7292, 0.7387
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave c of 2 is developing, within which the wave (i) of c of the lower level has formed, and the local correction (ii) of c has ended. If the assumption is correct, the pair will grow within the wave (iii) of c to the levels of 0.7292–0.7387. In this scenario, critical stop loss level is 0.7084.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7084 with the targets at 0.7292–0.7387. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.7084 will let the pair go down to the levels of 0.6920–0.6830.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7140
Take Profit 0.7292, 0.7387
Stop Loss 0.7084
Key Levels 0.6830, 0.6920, 0.7084, 0.7292, 0.7387
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7080
Take Profit 0.6920, 0.6830
Stop Loss 0.7170
Key Levels 0.6830, 0.6920, 0.7084, 0.7292, 0.7387