The probability of the pair reducing remains.
On the 4-hour chart, an upward correction continues to develop as the wave 2 of (5). At the moment, the wave (c) of b of 2 is developing in the form of an impulse, within which the wave of the lower level iv of (c) has ended. If the assumption is right, the fall of the pair will continue to the level of 0.6980. The level of 0.7072 is critical and stop loss for this scenario.
Main scenario
Short positions are relevant below the level of 0.7072 with target at 0.6980. Implementation time: 3-5 days.
Alternative scenario
Breakout and consolidation of the price above the level of 0.7072 will help the pair continue growth to the levels of 0.7204–0.7390.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7042
Take Profit 0.6980
Stop Loss 0.7072
Key Levels 0.6980, 0.7072, 0.7204, 0.7390
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7080
Take Profit 0.7204, 0.7390
Stop Loss 0.7040
Key Levels 0.6980, 0.7072, 0.7204, 0.7390
On the 4-hour chart, an upward correction continues to develop as the wave 2 of (5). At the moment, the wave (c) of b of 2 is developing in the form of an impulse, within which the wave of the lower level iv of (c) has ended. If the assumption is right, the fall of the pair will continue to the level of 0.6980. The level of 0.7072 is critical and stop loss for this scenario.
Main scenario
Short positions are relevant below the level of 0.7072 with target at 0.6980. Implementation time: 3-5 days.
Alternative scenario
Breakout and consolidation of the price above the level of 0.7072 will help the pair continue growth to the levels of 0.7204–0.7390.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7042
Take Profit 0.6980
Stop Loss 0.7072
Key Levels 0.6980, 0.7072, 0.7204, 0.7390
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7080
Take Profit 0.7204, 0.7390
Stop Loss 0.7040
Key Levels 0.6980, 0.7072, 0.7204, 0.7390