The pair can fall.
On the 4-hour chart, the downward correction of the higher level develops as a wave 2. Now the formation of the wave a of 2 is ending, within which the fifth wave of the lower level (v) of a of 2 is developing. If the assumption is correct, the pair will fall to the levels of 0.9600–0.9524. In this scenario, critical stop loss level is 0.9758.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9758 with the targets at 0.9600–0.9524. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9758 will let the pair grow to the levels of 0.9853–0.9904.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9665
Take Profit 0.9600, 0.9524
Stop Loss 0.9700
Key Levels 0.9524, 0.9600, 0.9758, 0.9853, 0.9904
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9765
Take Profit 0.9853, 0.9904
Stop Loss 0.9735
Key Levels 0.9524, 0.9600, 0.9758, 0.9853, 0.9904
On the 4-hour chart, the downward correction of the higher level develops as a wave 2. Now the formation of the wave a of 2 is ending, within which the fifth wave of the lower level (v) of a of 2 is developing. If the assumption is correct, the pair will fall to the levels of 0.9600–0.9524. In this scenario, critical stop loss level is 0.9758.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9758 with the targets at 0.9600–0.9524. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9758 will let the pair grow to the levels of 0.9853–0.9904.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9665
Take Profit 0.9600, 0.9524
Stop Loss 0.9700
Key Levels 0.9524, 0.9600, 0.9758, 0.9853, 0.9904
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9765
Take Profit 0.9853, 0.9904
Stop Loss 0.9735
Key Levels 0.9524, 0.9600, 0.9758, 0.9853, 0.9904