The pair is in a correction, a fall is possible.
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, within which the correction (ii) of iii is ending. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6874.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6874 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6874 will let the pair grow to the levels of 0.7080–0.7205.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6819
Take Profit 0.6540, 0.6418
Stop Loss 0.6874
Key Levels 0.6418, 0.6540, 0.6874, 0.7080, 0.7205
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6880
Take Profit 0.7080, 0.7205
Stop Loss 0.6810
Key Levels 0.6418, 0.6540, 0.6874, 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, within which the correction (ii) of iii is ending. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6874.
Main scenario
Short positions will become relevant during the correction, below the level of 0.6874 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.6874 will let the pair grow to the levels of 0.7080–0.7205.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.6819
Take Profit 0.6540, 0.6418
Stop Loss 0.6874
Key Levels 0.6418, 0.6540, 0.6874, 0.7080, 0.7205
Alternative scenario
Recommendation BUY STOP
Entry Point 0.6880
Take Profit 0.7080, 0.7205
Stop Loss 0.6810
Key Levels 0.6418, 0.6540, 0.6874, 0.7080, 0.7205