The pair can grow.
On the 4-hour chart, the upward momentum is developing as a first wave of the higher level 1 of (3). Now the fifth wave v of 1 is developing, within which the wave (iii) of v of the lower level has formed, and the local correction (iv) of v has ended. If the assumption is correct, the pair will grow to the level of 1.0100. The level of 0.9893 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9893 with the target at 1.0100. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9893 will let the pair go down to the level of 0.9745.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9947
Take Profit 1.0100
Stop Loss 0.9893
Key Levels 0.9745, 0.9893, 1.0100
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9890
Take Profit 0.9745
Stop Loss 0.9940
Key Levels 0.9745, 0.9893, 1.0100
On the 4-hour chart, the upward momentum is developing as a first wave of the higher level 1 of (3). Now the fifth wave v of 1 is developing, within which the wave (iii) of v of the lower level has formed, and the local correction (iv) of v has ended. If the assumption is correct, the pair will grow to the level of 1.0100. The level of 0.9893 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9893 with the target at 1.0100. Implementation period: 5–7 days.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9893 will let the pair go down to the level of 0.9745.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9947
Take Profit 1.0100
Stop Loss 0.9893
Key Levels 0.9745, 0.9893, 1.0100
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9890
Take Profit 0.9745
Stop Loss 0.9940
Key Levels 0.9745, 0.9893, 1.0100