The pair may fall.
On the daily chart, the fifth wave of the higher level (5) forms, within which the wave 3 of (5) develops. Now, the third wave of the lower level iii of 3 is forming. If the assumption is correct, the pair will fall to the level of 0.6418. In this scenario, critical stop loss level is 0.6825.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6825 with the target at 0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6825 will let the pair grow to the levels of 0.7080–0.7205.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6718
Take Profit 0.6418
Stop Loss 0.6825
Key Levels 0.6418, 0.6825, 0.7080, 0.7205
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6830
Take Profit 0.7080, 0.7205
Stop Loss 0.6745
Key Levels 0.6418, 0.6825, 0.7080, 0.7205
On the daily chart, the fifth wave of the higher level (5) forms, within which the wave 3 of (5) develops. Now, the third wave of the lower level iii of 3 is forming. If the assumption is correct, the pair will fall to the level of 0.6418. In this scenario, critical stop loss level is 0.6825.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6825 with the target at 0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6825 will let the pair grow to the levels of 0.7080–0.7205.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6718
Take Profit 0.6418
Stop Loss 0.6825
Key Levels 0.6418, 0.6825, 0.7080, 0.7205
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6830
Take Profit 0.7080, 0.7205
Stop Loss 0.6745
Key Levels 0.6418, 0.6825, 0.7080, 0.7205