The pair is in a correction, the growth is possible.
On the 4-hour chart, the third wave of the higher level iii of 1 of (5) developed. Now the formation of the local correction as a wave iv of 1 of (5) has begun, within which the wave (a) of iv has formed, and the wave (b) of iv has ended. If the assumption is correct, the pair will grow to the levels of 0.7237–0.7312. In this scenario, critical stop loss level is 0.7041.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7041 with the targets at 0.7237–0.7312. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7041 will let the pair go down to the levels of 0.6950–0.6900.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 0.7100 Take Profit 0.7237, 0.7312 Stop Loss 0.7041 Key Levels 0.6900, 0.6950, 0.7041, 0.7237, 0.7312
Alternative scenario
Recommendation SELL STOP Entry Point 0.7035 Take Profit 0.6950, 0.6900 Stop Loss 0.7095 Key Levels 0.6900, 0.6950, 0.7041, 0.7237, 0.7312
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