The pair is in a correction and 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 upward correction is forming as a wave 2 of (3), within which the wave a of 2 has formed, and the wave b of 2 is developing. If the assumption is correct, the pair will grow to the levels of 0.9509–0.9612. The level of 0.9273 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9273 with the targets at 0.9509–0.9612.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9273 will let the pair go down to the level of 0.9186.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9369
Take Profit 0.9509, 0.9612
Stop Loss 0.9310
Key Levels 0.9186, 0.9273, 0.9509, 0.9612
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9270
Take Profit 0.9186
Stop Loss 0.9330
Key Levels 0.9186, 0.9273, 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 upward correction is forming as a wave 2 of (3), within which the wave a of 2 has formed, and the wave b of 2 is developing. If the assumption is correct, the pair will grow to the levels of 0.9509–0.9612. The level of 0.9273 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9273 with the targets at 0.9509–0.9612.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9273 will let the pair go down to the level of 0.9186.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9369
Take Profit 0.9509, 0.9612
Stop Loss 0.9310
Key Levels 0.9186, 0.9273, 0.9509, 0.9612
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9270
Take Profit 0.9186
Stop Loss 0.9330
Key Levels 0.9186, 0.9273, 0.9509, 0.9612