On the 4-hour chart, the downward correction of the higher level developed as the wave b of 2. Now, the wave c of 2 is forming, within which the first wave of the lower level (i) of c has developed, and the local correction (ii) of c is forming. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 0.7072–0.7205. In this scenario, critical stop loss level is 0.6862.
Main scenario
Long positions will become relevant during the correction, above the level of 0.6862 with the targets at 0.7072–0.7205. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6862 will let the pair go down to the levels of 0.6800–0.6750.
Scenario
Timeframe Weekly Recommendation BUY Entry Point 0.6956 Take Profit 0.7072, 0.7205 Stop Loss 0.6862 Key Levels 0.6750, 0.6800, 0.6862, 0.7072, 0.7205
Alternative scenario
Recommendation SELL STOP Entry Point 0.6855 Take Profit 0.6800, 0.6750 Stop Loss 0.6880 Key Levels 0.6750, 0.6800, 0.6862, 0.7072, 0.7205