The pair may decrease.
On the 4-hour chart, the downward correction of the higher level develops as a wave (2), within which the wave C of (2) is forming. Now the first wave of the lower level i of C of (2) has formed, and the local correction is developing as a wave ii of C. If the assumption is correct, after the end of the correction the pair will fall to the levels of 0.9859–0.9724. In this scenario, critical stop loss level is 1.0045.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 1.0045 with the targets at 0.9859–0.9724. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0045 will let the pair grow to the level of 1.0122.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9998
Take Profit 0.9859, 0.9724
Stop Loss 1.0045
Key Levels 0.9724, 0.9859, 1.0045, 1.0122
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0050
Take Profit 1.0122
Stop Loss 1.0020
Key Levels 0.9724, 0.9859, 1.0045, 1.0122
On the 4-hour chart, the downward correction of the higher level develops as a wave (2), within which the wave C of (2) is forming. Now the first wave of the lower level i of C of (2) has formed, and the local correction is developing as a wave ii of C. If the assumption is correct, after the end of the correction the pair will fall to the levels of 0.9859–0.9724. In this scenario, critical stop loss level is 1.0045.
Main scenario
Short positions will become relevant after the end of the correction, below the level of 1.0045 with the targets at 0.9859–0.9724. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0045 will let the pair grow to the level of 1.0122.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9998
Take Profit 0.9859, 0.9724
Stop Loss 1.0045
Key Levels 0.9724, 0.9859, 1.0045, 1.0122
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0050
Take Profit 1.0122
Stop Loss 1.0020
Key Levels 0.9724, 0.9859, 1.0045, 1.0122