The pair can fall.
On the 4-hour chart, the downward correction of the higher level develops as a wave 2. Now the wave c of 2 is forming, within which the local correction (iv) of c has ended, and the fifth wave of the lower level (v) of c is forming. If the assumption is correct, the pair will fall to the level of 0.9600. In this scenario, critical stop loss level is 0.9767.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9767 with the target at 0.9600. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9767 will let the pair grow to the levels of 0.9847–0.9863.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9648
Take Profit 0.9600
Stop Loss 0.9685
Key Levels 0.9600, 0.9767, 0.9847, 0.9863
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9770
Take Profit 0.9847, 0.9863
Stop Loss 0.9710
Key Levels 0.9600, 0.9767, 0.9847, 0.9863
On the 4-hour chart, the downward correction of the higher level develops as a wave 2. Now the wave c of 2 is forming, within which the local correction (iv) of c has ended, and the fifth wave of the lower level (v) of c is forming. If the assumption is correct, the pair will fall to the level of 0.9600. In this scenario, critical stop loss level is 0.9767.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9767 with the target at 0.9600. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9767 will let the pair grow to the levels of 0.9847–0.9863.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9648
Take Profit 0.9600
Stop Loss 0.9685
Key Levels 0.9600, 0.9767, 0.9847, 0.9863
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9770
Take Profit 0.9847, 0.9863
Stop Loss 0.9710
Key Levels 0.9600, 0.9767, 0.9847, 0.9863