The pair is in a correction, the price can fall.
On the 4-hour chart, the upward momentum is developing as a first wave of the higher level 1 of (3). Now the third wave of the lower level iii of 1 has formed, and the local correction iv of 1 is developing. If the assumption is correct, the pair will fall to the levels of 0.9819–0.9744. The level of 0.9979 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant below the level of 0.9979 with the targets at 0.9819–0.9744. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9979 will let the pair grow to the levels of 1.0058–1.0137.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9927
Take Profit 0.9819, 0.9744
Stop Loss 0.9979
Key Levels 0.9744, 0.9819, 0.9979, 1.0058, 1.0137
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9985
Take Profit 1.0058, 1.0137
Stop Loss 0.9925
Key Levels 0.9744, 0.9819, 0.9979, 1.0058, 1.0137
On the 4-hour chart, the upward momentum is developing as a first wave of the higher level 1 of (3). Now the third wave of the lower level iii of 1 has formed, and the local correction iv of 1 is developing. If the assumption is correct, the pair will fall to the levels of 0.9819–0.9744. The level of 0.9979 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant below the level of 0.9979 with the targets at 0.9819–0.9744. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9979 will let the pair grow to the levels of 1.0058–1.0137.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9927
Take Profit 0.9819, 0.9744
Stop Loss 0.9979
Key Levels 0.9744, 0.9819, 0.9979, 1.0058, 1.0137
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9985
Take Profit 1.0058, 1.0137
Stop Loss 0.9925
Key Levels 0.9744, 0.9819, 0.9979, 1.0058, 1.0137