On the 4-hour chart, an upward correction of the higher level developed as the second wave ii of 1, and the formation of the third wave iii of 1 started. Now, the first wave (i) of iii has formed as a diagonal, and the local correction of the lower level (ii) of iii has ended. 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 1.0028.
Main scenario
Short positions will become relevant during the correction, below the level of 1.0028 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 1.0028 will let the pair grow to the levels of 1.0121–1.0230.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.9984 Take Profit 0.9717, 0.9656 Stop Loss 1.0028 Key Levels 0.9656, 0.9717, 1.0028, 1.0121, 1.0230
Alternative scenario
Recommendation BUY STOP Entry Point 1.0030 Take Profit 1.0121, 1.0230 Stop Loss 0.9970 Key Levels 0.9656, 0.9717, 1.0028, 1.0121, 1.0230
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