The pair may grow.
On the daily chart, the third wave of the higher level (3) develops, within which the first wave 1 of (3) forms. Now, a local correction is developing as the wave ii of 1, taking a shape of an irregular flat, within which the wave (c) of ii is forming. If the assumption is correct, in the short term, the pair will grow to the levels of 0.9975–1.0010. In this scenario, critical stop loss level is 0.9797.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9797 with the targets at 0.9975–1.0010. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.9797 will let the pair go down to the levels of 0.9656–0.9556.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9918
Take Profit 0.9975, 1.0010
Stop Loss 0.9865
Key Levels 0.9556, 0.9656, 0.9797, 0.9975, 1.0010
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9790
Take Profit 0.9656, 0.9556
Stop Loss 0.9850
Key Levels 0.9556, 0.9656, 0.9797, 0.9975, 1.0010
On the daily chart, the third wave of the higher level (3) develops, within which the first wave 1 of (3) forms. Now, a local correction is developing as the wave ii of 1, taking a shape of an irregular flat, within which the wave (c) of ii is forming. If the assumption is correct, in the short term, the pair will grow to the levels of 0.9975–1.0010. In this scenario, critical stop loss level is 0.9797.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9797 with the targets at 0.9975–1.0010. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.9797 will let the pair go down to the levels of 0.9656–0.9556.
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.9918
Take Profit 0.9975, 1.0010
Stop Loss 0.9865
Key Levels 0.9556, 0.9656, 0.9797, 0.9975, 1.0010
Alternative scenario
Recommendation SELL STOP
Entry Point 0.9790
Take Profit 0.9656, 0.9556
Stop Loss 0.9850
Key Levels 0.9556, 0.9656, 0.9797, 0.9975, 1.0010
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.