The trend is downward.
On the 4-hour chart the downward trend within the first wave 1 of (3) of the higher level is developing. At the moment the third wave of the lower level iii of 1 has formed as a momentum, and the development of the upward correction as a wave iv of 1 has ended. If the assumption is correct, the pair will fall to the level of 0.9120 within the fifth wave v of 1. The level of 0.9473 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9473 with the target at 0.9120.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9473 will let the pair grow to the level of 0.9615.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9328
Take Profit 0.9120
Stop Loss 0.9400
Key Levels 0.9120, 0.9473, 0.9615
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9480
Take Profit 0.9615
Stop Loss 0.9420
Key Levels 0.9120, 0.9473, 0.9615
On the 4-hour chart the downward trend within the first wave 1 of (3) of the higher level is developing. At the moment the third wave of the lower level iii of 1 has formed as a momentum, and the development of the upward correction as a wave iv of 1 has ended. If the assumption is correct, the pair will fall to the level of 0.9120 within the fifth wave v of 1. The level of 0.9473 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9473 with the target at 0.9120.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9473 will let the pair grow to the level of 0.9615.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9328
Take Profit 0.9120
Stop Loss 0.9400
Key Levels 0.9120, 0.9473, 0.9615
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9480
Take Profit 0.9615
Stop Loss 0.9420
Key Levels 0.9120, 0.9473, 0.9615