The pair can fall.
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 upward correction has ended as a wave iv of (v). If the assumption is correct, the pair will fall to the level of 0.7000. In this scenario, critical stop loss level is 0.7315.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7315 with the target at 0.7000. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7315 will let the pair grow to the levels of 0.7383–0.7455.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7183
Take Profit 0.7000
Stop Loss 0.7315
Key Levels 0.7000, 0.7315, 0.7383, 0.7455
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7320
Take Profit 0.7383, 0.7455
Stop Loss 0.7390
Key Levels 0.7000, 0.7315, 0.7383, 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 upward correction has ended as a wave iv of (v). If the assumption is correct, the pair will fall to the level of 0.7000. In this scenario, critical stop loss level is 0.7315.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7315 with the target at 0.7000. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7315 will let the pair grow to the levels of 0.7383–0.7455.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7183
Take Profit 0.7000
Stop Loss 0.7315
Key Levels 0.7000, 0.7315, 0.7383, 0.7455
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7320
Take Profit 0.7383, 0.7455
Stop Loss 0.7390
Key Levels 0.7000, 0.7315, 0.7383, 0.7455