The pair is in a correction and may grow.
On the 4-hour chart, the third wave of the higher level iii of 3 of (3) develops, within which the first wave (i) of iii formed. Now, an upward correction is developing as the wave (ii) of iii, within which the wave c of (ii) is forming. If the assumption is correct, the pair will grow to the levels of 0.9838–0.9871. In this scenario, critical stop loss level is 0.9705.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9705 with the targets at 0.9838–0.9871. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.9705 will let the pair go down to the level of 0.9556.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9786
Take Profit 0.9838, 0.9871
Stop Loss 0.9750
Key Levels 0.9556, 0.9705, 0.9838, 0.9871
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9700
Take Profit 0.9556
Stop Loss 0.9760
Key Levels 0.9556, 0.9705, 0.9838, 0.9871
On the 4-hour chart, the third wave of the higher level iii of 3 of (3) develops, within which the first wave (i) of iii formed. Now, an upward correction is developing as the wave (ii) of iii, within which the wave c of (ii) is forming. If the assumption is correct, the pair will grow to the levels of 0.9838–0.9871. In this scenario, critical stop loss level is 0.9705.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9705 with the targets at 0.9838–0.9871. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.9705 will let the pair go down to the level of 0.9556.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9786
Take Profit 0.9838, 0.9871
Stop Loss 0.9750
Key Levels 0.9556, 0.9705, 0.9838, 0.9871
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9700
Take Profit 0.9556
Stop Loss 0.9760
Key Levels 0.9556, 0.9705, 0.9838, 0.9871