The growth of the pair is expected.
On the daily chart, the first wave 1 within the third wave (3) of the higher level is forming. Now the fifth wave of the lower level v of 1, within which the downward correction (ii) of v of 1 has ended, is developing. If the assumption is correct, the pair will grow to the level of 0.8300. The level of 0.7712 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7712 with the target at 0.8300.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7712 will let the pair go down to the level of 0.7500.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7873
Take Profit 0.8300
Stop Loss 0.7730
Key Levels 0.7500, 0.7712, 0.8300
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7705
Take Profit 0.7500
Stop Loss 0.7775
Key Levels 0.7500, 0.7712, 0.8300
On the daily chart, the first wave 1 within the third wave (3) of the higher level is forming. Now the fifth wave of the lower level v of 1, within which the downward correction (ii) of v of 1 has ended, is developing. If the assumption is correct, the pair will grow to the level of 0.8300. The level of 0.7712 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7712 with the target at 0.8300.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7712 will let the pair go down to the level of 0.7500.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7873
Take Profit 0.8300
Stop Loss 0.7730
Key Levels 0.7500, 0.7712, 0.8300
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7705
Take Profit 0.7500
Stop Loss 0.7775
Key Levels 0.7500, 0.7712, 0.8300