The pair may fall.
On the 4-hour chart, an upward correction of the higher level developed as the second wave ii of 1 of (3), and the third wave iii of 1 of (3) forms. Now, the third wave of the lower level (iii) of iii is developing, within which a local correction is ending as the wave iv of (iii). If the assumption is correct, the pair will fall to the levels of 0.9717–0.9656. In this scenario, critical stop loss level is 0.9919.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9919 with the targets at 0.9717–0.9656. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9919 will let the pair grow to the levels of 1.0022–1.0121.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9829
Take Profit 0.9717, 0.9656
Stop Loss 0.9919
Key Levels 0.9656, 0.9717, 0.9919, 1.0022, 1.0121
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9925
Take Profit 1.0022, 1.0121
Stop Loss 0.9865
Key Levels 0.9656, 0.9717, 0.9919, 1.0022, 1.0121
On the 4-hour chart, an upward correction of the higher level developed as the second wave ii of 1 of (3), and the third wave iii of 1 of (3) forms. Now, the third wave of the lower level (iii) of iii is developing, within which a local correction is ending as the wave iv of (iii). If the assumption is correct, the pair will fall to the levels of 0.9717–0.9656. In this scenario, critical stop loss level is 0.9919.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9919 with the targets at 0.9717–0.9656. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9919 will let the pair grow to the levels of 1.0022–1.0121.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9829
Take Profit 0.9717, 0.9656
Stop Loss 0.9919
Key Levels 0.9656, 0.9717, 0.9919, 1.0022, 1.0121
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9925
Take Profit 1.0022, 1.0121
Stop Loss 0.9865
Key Levels 0.9656, 0.9717, 0.9919, 1.0022, 1.0121