The pair can fall.
On the 4-hour chart, the downward correction of the higher level develops as a wave 2, within which the wave b of 2 forms. Now the upward momentum has formed as a wave (a) of b. If the assumption is correct, the pair will fall within the wave (b) of b to the levels of 0.9704–0.9663. In this scenario, critical stop loss level is 0.9866.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9866 with the targets at 0.9704–0.9663. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9866 will let the pair grow to the levels of 0.9982–1.0068.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9850
Take Profit 0.9704, 0.9663
Stop Loss 0.9900
Key Levels 0.9663, 0.9704, 0.9866, 0.9982, 1.0068
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9875
Take Profit 0.9982, 1.0068
Stop Loss 0.9840
Key Levels 0.9663, 0.9704, 0.9866, 0.9982, 1.0068
On the 4-hour chart, the downward correction of the higher level develops as a wave 2, within which the wave b of 2 forms. Now the upward momentum has formed as a wave (a) of b. If the assumption is correct, the pair will fall within the wave (b) of b to the levels of 0.9704–0.9663. In this scenario, critical stop loss level is 0.9866.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9866 with the targets at 0.9704–0.9663. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9866 will let the pair grow to the levels of 0.9982–1.0068.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9850
Take Profit 0.9704, 0.9663
Stop Loss 0.9900
Key Levels 0.9663, 0.9704, 0.9866, 0.9982, 1.0068
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9875
Take Profit 0.9982, 1.0068
Stop Loss 0.9840
Key Levels 0.9663, 0.9704, 0.9866, 0.9982, 1.0068