The downward trend maintains.
On the 4-hour chart, the third wave of the higher level iii of 1 of (5) develops. Now the fifth wave of the lower level (v) of iii is forming, within which the wave iii of (v) has formed. If the assumption is correct, after the end of the local correction iv of (v) the pair will fall to the level of 0.7000. In this scenario, critical stop loss level is 0.7237.
Main scenario
Short positions will become relevant after the end of the correction below the level of 0.7237 with the target at 0.7000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7237 will let the pair grow to the levels of 0.7365–0.7455.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7102
Take Profit 0.7000
Stop Loss 0.7160
Key Levels 0.7000, 0.7237, 0.7365, 0.7455
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7240
Take Profit 0.7365, 0.7455
Stop Loss 0.7180
Key Levels 0.7000, 0.7237, 0.7365, 0.7455
On the 4-hour chart, the third wave of the higher level iii of 1 of (5) develops. Now the fifth wave of the lower level (v) of iii is forming, within which the wave iii of (v) has formed. If the assumption is correct, after the end of the local correction iv of (v) the pair will fall to the level of 0.7000. In this scenario, critical stop loss level is 0.7237.
Main scenario
Short positions will become relevant after the end of the correction below the level of 0.7237 with the target at 0.7000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7237 will let the pair grow to the levels of 0.7365–0.7455.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7102
Take Profit 0.7000
Stop Loss 0.7160
Key Levels 0.7000, 0.7237, 0.7365, 0.7455
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7240
Take Profit 0.7365, 0.7455
Stop Loss 0.7180
Key Levels 0.7000, 0.7237, 0.7365, 0.7455