The pair can grow.
On the 4-hour chart the upward correction is developing as a second wave 2 of (5) of the higher level. Locally the wave a of 2 is forming as a momentum. If the assumption is correct, the pair will grow to the level of 0.7736. The level of 0.7634 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7634 with the target at 0.7736.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7634 will let the pair go down to the levels of 0.7596–0.7573.
Trade
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 0.7668
Take Profit 0.7736
Stop Loss 0.7610
Key Levels 0.7573, 0.7596, 0.7634, 0.7736
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7630
Take Profit 0.7596, 0.7573
Stop Loss 0.7660
Key Levels 0.7573, 0.7596, 0.7634, 0.7736
On the 4-hour chart the upward correction is developing as a second wave 2 of (5) of the higher level. Locally the wave a of 2 is forming as a momentum. If the assumption is correct, the pair will grow to the level of 0.7736. The level of 0.7634 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7634 with the target at 0.7736.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7634 will let the pair go down to the levels of 0.7596–0.7573.
Trade
Scenario
Timeframe Intraday
Recommendation BUY
Entry Point 0.7668
Take Profit 0.7736
Stop Loss 0.7610
Key Levels 0.7573, 0.7596, 0.7634, 0.7736
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7630
Take Profit 0.7596, 0.7573
Stop Loss 0.7660
Key Levels 0.7573, 0.7596, 0.7634, 0.7736