The pair can grow.
On the 4-hour chart, the downward correction has formed as a second wave 2 of (3) of the higher level. Now the development of the wave 3, within which the first entry wave of the lower level i of 3 is forming, is beginning. If the assumption is correct, the pair will grow to the levels of 0.7916–0.8140. The level of 0.7735 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 0.7735 with the targets at 0.7916–0.8140.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7735 will let the pair go down to the level of 0.7652.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7792
Take Profit 0.7916, 0.8140
Stop Loss 0.7730
Key Levels 0.7652, 0.7735, 0.7916, 0.8140
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7730
Take Profit 0.7652
Stop Loss 0.7790
Key Levels 0.7652, 0.7735, 0.7916, 0.8140
On the 4-hour chart, the downward correction has formed as a second wave 2 of (3) of the higher level. Now the development of the wave 3, within which the first entry wave of the lower level i of 3 is forming, is beginning. If the assumption is correct, the pair will grow to the levels of 0.7916–0.8140. The level of 0.7735 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 0.7735 with the targets at 0.7916–0.8140.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7735 will let the pair go down to the level of 0.7652.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7792
Take Profit 0.7916, 0.8140
Stop Loss 0.7730
Key Levels 0.7652, 0.7735, 0.7916, 0.8140
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7730
Take Profit 0.7652
Stop Loss 0.7790
Key Levels 0.7652, 0.7735, 0.7916, 0.8140