The pair may fall.
On the 4-hour chart, the third wave of the higher level iii of 3 of (5) forms, within which the wave (iii) of iii of 3 develops. Now, the first wave of the lower level i of (iii) has formed, and the local correction ii of (iii) ha developed. If the assumption is correct, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6810.
Main scenario
Short positions will become relevant below the level of 0.6810 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6810 will let the pair grow to the levels of 0.6899–0.7080.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6775
Take Profit 0.6540, 0.6418
Stop Loss 0.6810
Key Levels 0.6418, 0.6540, 0.6810, 0.6899, 0.7080
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6815
Take Profit 0.6899, 0.7080
Stop Loss 0.6755
Key Levels 0.6418, 0.6540, 0.6810, 0.6899, 0.7080
On the 4-hour chart, the third wave of the higher level iii of 3 of (5) forms, within which the wave (iii) of iii of 3 develops. Now, the first wave of the lower level i of (iii) has formed, and the local correction ii of (iii) ha developed. If the assumption is correct, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6810.
Main scenario
Short positions will become relevant below the level of 0.6810 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6810 will let the pair grow to the levels of 0.6899–0.7080.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6775
Take Profit 0.6540, 0.6418
Stop Loss 0.6810
Key Levels 0.6418, 0.6540, 0.6810, 0.6899, 0.7080
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6815
Take Profit 0.6899, 0.7080
Stop Loss 0.6755
Key Levels 0.6418, 0.6540, 0.6810, 0.6899, 0.7080