The trend is downward.
On the 4-hour chart, the fifth wave (5) of the higher level is forming. Now the third wave of the lower level (iii) of i, within which the wave iii of (iii) is forming, is developing. If the assumption is correct, the pair will fall to the level of 0.7500. The level of 0.7894 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7894 with the target at 0.7500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7894 will let the pair grow to the level of 0.7990.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7758
Take Profit 0.7500
Stop Loss 0.7845
Key Levels 0.7500, 0.7894, 0.7990
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7900
Take Profit 0.7990
Stop Loss 0.7840
Key Levels 0.7500, 0.7894, 0.7990
On the 4-hour chart, the fifth wave (5) of the higher level is forming. Now the third wave of the lower level (iii) of i, within which the wave iii of (iii) is forming, is developing. If the assumption is correct, the pair will fall to the level of 0.7500. The level of 0.7894 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7894 with the target at 0.7500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7894 will let the pair grow to the level of 0.7990.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7758
Take Profit 0.7500
Stop Loss 0.7845
Key Levels 0.7500, 0.7894, 0.7990
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7900
Take Profit 0.7990
Stop Loss 0.7840
Key Levels 0.7500, 0.7894, 0.7990