The pair may decrease.
On the 4-hour chart, a downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now, the third wave iii of C has formed, and the upward correction iv of C is developing. If the assumption is correct, after the end of the correction the pair will fall to the level of 0.9618. In this scenario, critical stop loss level is 1.0006.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0006 with the target at 0.9618. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0006 will let the pair grow to the level of 1.0126.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9809
Take Profit 0.9618
Stop Loss 0.9990
Key Levels 0.9618, 1.0006, 1.0126
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0010
Take Profit 1.0126
Stop Loss 0.9950
Key Levels 0.9618, 1.0006, 1.0126
On the 4-hour chart, a downward correction of the higher level develops as the wave (2), within which the wave C of (2) forms. Now, the third wave iii of C has formed, and the upward correction iv of C is developing. If the assumption is correct, after the end of the correction the pair will fall to the level of 0.9618. In this scenario, critical stop loss level is 1.0006.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0006 with the target at 0.9618. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.0006 will let the pair grow to the level of 1.0126.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9809
Take Profit 0.9618
Stop Loss 0.9990
Key Levels 0.9618, 1.0006, 1.0126
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0010
Take Profit 1.0126
Stop Loss 0.9950
Key Levels 0.9618, 1.0006, 1.0126