The trend is downward.
On the 4-hour chart the downward trend is developing within the first wave 1 of (3) of the higher level. At the moment the third wave of the lower level iii of 1 is forming as a momentum. If the assumption is correct, the pair will fall to the levels of 0.9220–0.9120. The level of 0.9389 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9389 with the targets at 0.9220–0.9120.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9389 will let the pair grow to the level of 0.9640.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9321
Take Profit 0.9220, 0.9120
Stop Loss 0.9380
Key Levels 0.9120, 0.9220, 0.9389, 0.9640
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9395
Take Profit 0.9640
Stop Loss 0.9315
Key Levels 0.9120, 0.9220, 0.9389, 0.9640
On the 4-hour chart the downward trend is developing within the first wave 1 of (3) of the higher level. At the moment the third wave of the lower level iii of 1 is forming as a momentum. If the assumption is correct, the pair will fall to the levels of 0.9220–0.9120. The level of 0.9389 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9389 with the targets at 0.9220–0.9120.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9389 will let the pair grow to the level of 0.9640.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9321
Take Profit 0.9220, 0.9120
Stop Loss 0.9380
Key Levels 0.9120, 0.9220, 0.9389, 0.9640
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9395
Take Profit 0.9640
Stop Loss 0.9315
Key Levels 0.9120, 0.9220, 0.9389, 0.9640