The pair may fall.
On the 4-hour chart, an upward correction develops as the wave 2 of (5). Now, the wave b of 2 is developing as a zigzag, within which the wave (c) of b is developing. If the assumption is correct, the pair will fall to the levels of 0.7060–0.7025. In this scenario, critical stop loss level is 0.7200.
Main scenario
Short positions will become relevant below the level of 0.7200 with the targets at 0.7060–0.7025. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7200 will let the pair grow to the levels of 0.7305–0.7450.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7105
Take Profit 0.7060, 0.7025
Stop Loss 0.7145
Key Levels 0.7025, 0.7060, 0.7200, 0.7305, 0.7450
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7210
Take Profit 0.7305, 0.7450
Stop Loss 0.7175
Key Levels 0.7025, 0.7060, 0.7200, 0.7305, 0.7450
On the 4-hour chart, an upward correction develops as the wave 2 of (5). Now, the wave b of 2 is developing as a zigzag, within which the wave (c) of b is developing. If the assumption is correct, the pair will fall to the levels of 0.7060–0.7025. In this scenario, critical stop loss level is 0.7200.
Main scenario
Short positions will become relevant below the level of 0.7200 with the targets at 0.7060–0.7025. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7200 will let the pair grow to the levels of 0.7305–0.7450.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7105
Take Profit 0.7060, 0.7025
Stop Loss 0.7145
Key Levels 0.7025, 0.7060, 0.7200, 0.7305, 0.7450
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7210
Take Profit 0.7305, 0.7450
Stop Loss 0.7175
Key Levels 0.7025, 0.7060, 0.7200, 0.7305, 0.7450