The pair is in a correction. The price can grow.
On the 4-hour chart, the downward trend is forming as a first wave 1 of (5) of the higher level. Now the third wave of the lower level iii of 1 has formed, and the local correction is developing as a wave iv of 1, taking the form of an irregular flat. If the assumption is correct, the pair will grow to the levels of 0.7642–0.7680. The level of 0.7485 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7485 with the targets at 0.7642–0.7680. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7485 will let the pair go down to the levels of 0.7340–0.7262.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7594
Take Profit 0.7642, 0.7680
Stop Loss 0.7540, 0.7485
Key Levels 0.7262, 0.7340, 0.7485, 0.7642, 0.7680
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7480
Take Profit 0.7340, 0.7262
Stop Loss 0.7540
Key Levels 0.7262, 0.7340, 0.7485, 0.7642, 0.7680
On the 4-hour chart, the downward trend is forming as a first wave 1 of (5) of the higher level. Now the third wave of the lower level iii of 1 has formed, and the local correction is developing as a wave iv of 1, taking the form of an irregular flat. If the assumption is correct, the pair will grow to the levels of 0.7642–0.7680. The level of 0.7485 is critical and stop-loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7485 with the targets at 0.7642–0.7680. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7485 will let the pair go down to the levels of 0.7340–0.7262.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7594
Take Profit 0.7642, 0.7680
Stop Loss 0.7540, 0.7485
Key Levels 0.7262, 0.7340, 0.7485, 0.7642, 0.7680
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7480
Take Profit 0.7340, 0.7262
Stop Loss 0.7540
Key Levels 0.7262, 0.7340, 0.7485, 0.7642, 0.7680