The pair can grow.
On the 4-hour chart, the downward trend has formed as a first wave 1 of (5) of the higher level, and the development of the upward correction 2 of (5) has begun. Now the first three is developing within the wave w of 2, within which the wave (b) of w has ended and the development of the wave (c) of w has begun. If the assumption is correct, the pair will grow to the level of 0.7540. The level of 0.7340 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7340 with the target at 0.7540. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7340 will let the pair go down to the level of 0.7250.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7401
Take Profit 0.7540
Stop Loss 0.7340
Key Levels 0.7250, 0.7340, 0.7540
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7335
Take Profit 0.7250
Stop Loss 0.7395
Key Levels 0.7250, 0.7340, 0.7540
On the 4-hour chart, the downward trend has formed as a first wave 1 of (5) of the higher level, and the development of the upward correction 2 of (5) has begun. Now the first three is developing within the wave w of 2, within which the wave (b) of w has ended and the development of the wave (c) of w has begun. If the assumption is correct, the pair will grow to the level of 0.7540. The level of 0.7340 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7340 with the target at 0.7540. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7340 will let the pair go down to the level of 0.7250.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7401
Take Profit 0.7540
Stop Loss 0.7340
Key Levels 0.7250, 0.7340, 0.7540
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7335
Take Profit 0.7250
Stop Loss 0.7395
Key Levels 0.7250, 0.7340, 0.7540