The pair may fall.
On the 4-hour chart, an upward correction of the higher level developed as the second wave ii of 1, and the formation of the third wave iii of 1 started. Now, the first wave (i) of iii has formed as a diagonal, and the local correction of the lower level (ii) of iii has ended. If the assumption is correct, the pair will fall to the levels of 0.9717–0.9656. In this scenario, critical stop loss level is 1.0028.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0028 with the targets at 0.9717–0.9656. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0028 will let the pair grow to the levels of 1.0121–1.0230.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9984
Take Profit 0.9717, 0.9656
Stop Loss 1.0028
Key Levels 0.9656, 0.9717, 1.0028, 1.0121, 1.0230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0030
Take Profit 1.0121, 1.0230
Stop Loss 0.9970
Key Levels 0.9656, 0.9717, 1.0028, 1.0121, 1.0230
On the 4-hour chart, an upward correction of the higher level developed as the second wave ii of 1, and the formation of the third wave iii of 1 started. Now, the first wave (i) of iii has formed as a diagonal, and the local correction of the lower level (ii) of iii has ended. If the assumption is correct, the pair will fall to the levels of 0.9717–0.9656. In this scenario, critical stop loss level is 1.0028.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0028 with the targets at 0.9717–0.9656. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0028 will let the pair grow to the levels of 1.0121–1.0230.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9984
Take Profit 0.9717, 0.9656
Stop Loss 1.0028
Key Levels 0.9656, 0.9717, 1.0028, 1.0121, 1.0230
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0030
Take Profit 1.0121, 1.0230
Stop Loss 0.9970
Key Levels 0.9656, 0.9717, 1.0028, 1.0121, 1.0230