On the 4-hour chart, the fifth wave of the higher level 5 of (5) formed, within which the wave v of 5 ended. Now, the development of the first wave i of 1 has started, within which the wave (v) of i is forming. If the assumption is correct, the pair will grow to the levels of 0.7080–0.7202. In this scenario, critical stop loss level is 0.6806.
Main scenario
Long positions will become relevant above the level of 0.6806 with the targets at 0.7080–0.7202. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6806 will let the pair go down to the levels of 0.6666–0.6540.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 0.6916 Take Profit 0.7080, 0.7202 Stop Loss 0.6806 Key Levels 0.6540, 0.6666, 0.6806, 0.7080, 0.7202
Alternative scenario
Recommendation SELL STOP Entry Point 0.6800 Take Profit 0.6666, 0.6540 Stop Loss 0.6860 Key Levels 0.6540, 0.6666, 0.6806, 0.7080, 0.7202
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