The trend is upward.
On the 4-hour chart, the upward correction of the higher level is developing as a wave (4). Locally the upward momentum is forming within the fifth wave of the lower level v of C of (4). If the assumption is correct, the pair will grow to the levels of 0.8060–0.8124. The level of 0.7940 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7940 with the targets at 0.8060–0.8124.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7940 will let the pair go down to the levels of 0.7805–0.7730.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.8007
Take Profit 0.8060, 0.8124
Stop Loss 0.7955
Key Levels 0.7730, 0.7805, 0.7940, 0.8060, 0.8124
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7930
Take Profit 0.7805, 0.7730
Stop Loss 0.7990
Key Levels 0.7730, 0.7805, 0.7940, 0.8060, 0.8124
On the 4-hour chart, the upward correction of the higher level is developing as a wave (4). Locally the upward momentum is forming within the fifth wave of the lower level v of C of (4). If the assumption is correct, the pair will grow to the levels of 0.8060–0.8124. The level of 0.7940 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7940 with the targets at 0.8060–0.8124.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7940 will let the pair go down to the levels of 0.7805–0.7730.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.8007
Take Profit 0.8060, 0.8124
Stop Loss 0.7955
Key Levels 0.7730, 0.7805, 0.7940, 0.8060, 0.8124
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7930
Take Profit 0.7805, 0.7730
Stop Loss 0.7990
Key Levels 0.7730, 0.7805, 0.7940, 0.8060, 0.8124