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 local correction is developing as a fourth wave iv of (5), within which the wave (c) of iv is forming. If the assumption is correct, in the short term the pair will grow to the level of 0.7661.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7512 with the target at 0.7661. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7512 will let the pair go down to the levels of 0.7413–0.7341.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7626
Take Profit 0.7661
Stop Loss 0.7590
Key Levels 0.7341, 0.7413, 0.7512, 0.7661
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7505
Take Profit 0.7413, 0.7341
Stop Loss 0.7565
Key Levels 0.7341, 0.7413, 0.7512, 0.7661
On the 4-hour chart, the downward trend is forming as a first wave 1 of (5) of the higher level. Now the local correction is developing as a fourth wave iv of (5), within which the wave (c) of iv is forming. If the assumption is correct, in the short term the pair will grow to the level of 0.7661.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7512 with the target at 0.7661. Implementation period: 2–3 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7512 will let the pair go down to the levels of 0.7413–0.7341.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7626
Take Profit 0.7661
Stop Loss 0.7590
Key Levels 0.7341, 0.7413, 0.7512, 0.7661
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7505
Take Profit 0.7413, 0.7341
Stop Loss 0.7565
Key Levels 0.7341, 0.7413, 0.7512, 0.7661