The pair may fall.
On the 4-hour chart, the upward correction develops as a wave 2 of (5). Now the wave a of 2 has formed, and the development of the wave b of 2 has begun. If the assumption is correct, the pair will fall to the levels of 0.7162–0.7022. In this scenario, critical stop loss level is 0.7394.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7394 with the targets at 0.7162–0.7022. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7394 will let the pair grow to the levels of 0.7450–0.7580.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7296
Take Profit 0.7162, 0.7022
Stop Loss 0.7394
Key Levels 0.7022, 0.7162, 0.7394, 0.7450, 0.7580
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7400
Take Profit 0.7450, 0.7580
Stop Loss 0.7365
Key Levels 0.7022, 0.7162, 0.7394, 0.7450, 0.7580
On the 4-hour chart, the upward correction develops as a wave 2 of (5). Now the wave a of 2 has formed, and the development of the wave b of 2 has begun. If the assumption is correct, the pair will fall to the levels of 0.7162–0.7022. In this scenario, critical stop loss level is 0.7394.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7394 with the targets at 0.7162–0.7022. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7394 will let the pair grow to the levels of 0.7450–0.7580.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7296
Take Profit 0.7162, 0.7022
Stop Loss 0.7394
Key Levels 0.7022, 0.7162, 0.7394, 0.7450, 0.7580
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7400
Take Profit 0.7450, 0.7580
Stop Loss 0.7365
Key Levels 0.7022, 0.7162, 0.7394, 0.7450, 0.7580