The pair may fall.
On the 4-hour chart, the third wave of the higher level (3) develops. Now, the development of the third wave of the lower level iii of 1 of (3) has begun, within which the wave (i) of iii has formed, and the correction (ii) of iii has ended. If the assumption is correct, the pair will fall to the levels of 0.9556–0.9188. In this scenario, critical stop loss level is 0.9797.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9797 with the targets at 0.9556–0.9188. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9797 will let the pair grow to the levels of 0.9889–0.9976.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9710
Take Profit 0.9556, 0.9188
Stop Loss 0.9797
Key Levels 0.9188, 0.9556, 0.9797, 0.9889, 0.9976
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9800
Take Profit 0.9889, 0.9976
Stop Loss 0.9740
Key Levels 0.9188, 0.9556, 0.9797, 0.9889, 0.9976
On the 4-hour chart, the third wave of the higher level (3) develops. Now, the development of the third wave of the lower level iii of 1 of (3) has begun, within which the wave (i) of iii has formed, and the correction (ii) of iii has ended. If the assumption is correct, the pair will fall to the levels of 0.9556–0.9188. In this scenario, critical stop loss level is 0.9797.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9797 with the targets at 0.9556–0.9188. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9797 will let the pair grow to the levels of 0.9889–0.9976.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9710
Take Profit 0.9556, 0.9188
Stop Loss 0.9797
Key Levels 0.9188, 0.9556, 0.9797, 0.9889, 0.9976
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9800
Take Profit 0.9889, 0.9976
Stop Loss 0.9740
Key Levels 0.9188, 0.9556, 0.9797, 0.9889, 0.9976