The pair can fall.
On the 4-hour chart, the development of the upward correction has ended as a second wave 2 of (5) of the higher level, shaped as a zigzag. Locally the fifth wave of the lower level (v) of c of 2 has ended. If the assumption is correct, the pair will fall to the level of 0.7653. The level of 0.7875 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7875 with the target at 0.7653.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7875 will let the pair grow to the level of 0.7945 and further.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7844
Take Profit 0.7653
Stop Loss 0.7910
Key Levels 0.7653, 0.7875, 0.7945
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7880
Take Profit 0.7945
Stop Loss 0.7820
Key Levels 0.7653, 0.7875, 0.7945
On the 4-hour chart, the development of the upward correction has ended as a second wave 2 of (5) of the higher level, shaped as a zigzag. Locally the fifth wave of the lower level (v) of c of 2 has ended. If the assumption is correct, the pair will fall to the level of 0.7653. The level of 0.7875 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7875 with the target at 0.7653.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7875 will let the pair grow to the level of 0.7945 and further.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7844
Take Profit 0.7653
Stop Loss 0.7910
Key Levels 0.7653, 0.7875, 0.7945
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7880
Take Profit 0.7945
Stop Loss 0.7820
Key Levels 0.7653, 0.7875, 0.7945