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 b of 2 has formed, and the development of the wave c of 2 is beginning. If the assumption is correct, the pair will grow to the levels of 0.7348–0.7534. In this scenario, critical stop loss level is 0.7050.
Main scenario
Long positions will become relevant above the level of 0.7050 with the targets at 0.7348–0.7534. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7050 will let the pair go down to the levels of 0.6961–0.6880.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7130
Take Profit 0.7348, 0.7534
Stop Loss 0.7050
Key Levels 0.6880, 0.6961, 0.7050, 0.7348, 0.7534
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7045
Take Profit 0.6961, 0.6880
Stop Loss 0.7090
Key Levels 0.6880, 0.6961, 0.7050, 0.7348, 0.7534
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now the wave b of 2 has formed, and the development of the wave c of 2 is beginning. If the assumption is correct, the pair will grow to the levels of 0.7348–0.7534. In this scenario, critical stop loss level is 0.7050.
Main scenario
Long positions will become relevant above the level of 0.7050 with the targets at 0.7348–0.7534. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7050 will let the pair go down to the levels of 0.6961–0.6880.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7130
Take Profit 0.7348, 0.7534
Stop Loss 0.7050
Key Levels 0.6880, 0.6961, 0.7050, 0.7348, 0.7534
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7045
Take Profit 0.6961, 0.6880
Stop Loss 0.7090
Key Levels 0.6880, 0.6961, 0.7050, 0.7348, 0.7534