The trend is downward.
On the 4-hour chart, the third wave iii of 1 develops within the first wave of the higher level. Now the fifth wave of the lower level is forming, within which the wave i of (v) has formed. If the assumption is correct, after the end of the local correction ii of (v) the pair will fall to the levels of 0.7150–0.7100. The level of 0.7452 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 0.7452 with the targets at 0.7150–0.7100. Implementation period: 5–7 days.
Alternative scenario
Break and consolidation of the price above the level of 0.7452 will allow the pair to rise to the level of 0.7767.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7270
Take Profit 0.7150, 0.7100
Stop Loss 0.7310
Key Levels 0.7100, 0.7150, 0.7452, 0.7677
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7460
Take Profit 0.7677
Stop Loss 0.7383
Key Levels 0.7100, 0.7150, 0.7452, 0.7677
On the 4-hour chart, the third wave iii of 1 develops within the first wave of the higher level. Now the fifth wave of the lower level is forming, within which the wave i of (v) has formed. If the assumption is correct, after the end of the local correction ii of (v) the pair will fall to the levels of 0.7150–0.7100. The level of 0.7452 is critical and stop loss for this scenario.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 0.7452 with the targets at 0.7150–0.7100. Implementation period: 5–7 days.
Alternative scenario
Break and consolidation of the price above the level of 0.7452 will allow the pair to rise to the level of 0.7767.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7270
Take Profit 0.7150, 0.7100
Stop Loss 0.7310
Key Levels 0.7100, 0.7150, 0.7452, 0.7677
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7460
Take Profit 0.7677
Stop Loss 0.7383
Key Levels 0.7100, 0.7150, 0.7452, 0.7677