The pair is in a correction, the price can grow.
On the 4-hour chart, the development of downward trend within the first wave 1 of (3) of the higher level has ended. Now the formation of the upward correction as a wave 2 of (3), within which the wave a of 2 is developing, has begun. If the assumption is correct, the pair will grow to the levels of 0.9509–0.9612. The level of 0.9187 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9187 with the targets at 0.9509–0.9612.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9187 will let the pair go down to the level of 0.9050.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9397
Take Profit 0.9509, 0.9612
Stop Loss 0.9335
Key Levels 0.9050, 0.9187, 0.9509, 0.9612
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9180
Take Profit 0.9050
Stop Loss 0.9240
Key Levels 0.9050, 0.9187, 0.9509, 0.9612
On the 4-hour chart, the development of downward trend within the first wave 1 of (3) of the higher level has ended. Now the formation of the upward correction as a wave 2 of (3), within which the wave a of 2 is developing, has begun. If the assumption is correct, the pair will grow to the levels of 0.9509–0.9612. The level of 0.9187 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9187 with the targets at 0.9509–0.9612.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9187 will let the pair go down to the level of 0.9050.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9397
Take Profit 0.9509, 0.9612
Stop Loss 0.9335
Key Levels 0.9050, 0.9187, 0.9509, 0.9612
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9180
Take Profit 0.9050
Stop Loss 0.9240
Key Levels 0.9050, 0.9187, 0.9509, 0.9612