The pair can grow.
On the 4-hour chart, the downward trend has formed as a first wave 1 of (5) of the higher level, and the development of the upward correction 2 of (5) has begun. Now the wave w of 2 is developing as a flat (a)(b)(c), within which the wave (c) of w is forming. If the assumption is correct, the pair will grow to the level of 0.7540. The level of 0.7318 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7318 with the target at 0.7540. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7318 will let the pair go down to the level of 0.7250.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7380
Take Profit 0.7540
Stop Loss 0.7318
Key Levels 0.7250, 0.7318, 0.7540
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7310
Take Profit 0.7250
Stop Loss 0.7340
Key Levels 0.7250, 0.7318, 0.7540
On the 4-hour chart, the downward trend has formed as a first wave 1 of (5) of the higher level, and the development of the upward correction 2 of (5) has begun. Now the wave w of 2 is developing as a flat (a)(b)(c), within which the wave (c) of w is forming. If the assumption is correct, the pair will grow to the level of 0.7540. The level of 0.7318 is critical and stop loss for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7318 with the target at 0.7540. Implementation period: 7 days and more.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7318 will let the pair go down to the level of 0.7250.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.7380
Take Profit 0.7540
Stop Loss 0.7318
Key Levels 0.7250, 0.7318, 0.7540
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7310
Take Profit 0.7250
Stop Loss 0.7340
Key Levels 0.7250, 0.7318, 0.7540