The pair is in a correction, the fall is possible.
On the daily chart, the third wave of the higher level 3 of (3) develops. Now, the first wave of the lower level i of 3 has formed as a wedge, and the local correction ii of 3 is developing, within which the wave (a) of ii has formed. If the assumption is correct, after the end of the wave (b) of ii, the pair will fall to the levels of 0.9894–0.9814. In this scenario, critical stop loss level is 1.0238.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0238 with the targets at 0.9894–0.9814. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0238 will let the pair grow to the levels of 1.0400–1.0467.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.0032
Take Profit 0.9894, 0.9814
Stop Loss 1.0135
Key Levels 0.9814, 0.9894, 1.0238, 1.0400, 1.0467
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0245
Take Profit 1.0400, 1.0467
Stop Loss 1.0185
Key Levels 0.9814, 0.9894, 1.0238, 1.0400, 1.0467
On the daily chart, the third wave of the higher level 3 of (3) develops. Now, the first wave of the lower level i of 3 has formed as a wedge, and the local correction ii of 3 is developing, within which the wave (a) of ii has formed. If the assumption is correct, after the end of the wave (b) of ii, the pair will fall to the levels of 0.9894–0.9814. In this scenario, critical stop loss level is 1.0238.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0238 with the targets at 0.9894–0.9814. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0238 will let the pair grow to the levels of 1.0400–1.0467.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 1.0032
Take Profit 0.9894, 0.9814
Stop Loss 1.0135
Key Levels 0.9814, 0.9894, 1.0238, 1.0400, 1.0467
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0245
Take Profit 1.0400, 1.0467
Stop Loss 1.0185
Key Levels 0.9814, 0.9894, 1.0238, 1.0400, 1.0467