The probability of decline remains.
On the H4 chart, the downward correction of the higher level continues as a wave (2), which includes the formation of the wave C of (2). At the moment, it seems that the local correction ii of C has completed, and the third wave iii of C has begun. If the assumption is correct, the pair will continue to decline to 0.9724-0.9618. The critical level for this scenario is 1.0008.
Main scenario
Short positions will become relevant below the level of 1.0008 with a target in the range of 0.9724–0.9618. Implementation period: 7+ days.
Alternative scenario
Breakout and consolidation of the price above the level of 1.0008 will enable the pair to continue to rise to the level of 1.0122.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9918
Take Profit 0.9724, 0.9618
Stop Loss 1.0008
Key Levels 0.9618, 0.9724, 1.0008, 1.0122
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0015
Take Profit 1.0122
Stop Loss 0.9955
Key Levels 0.9618, 0.9724, 1.0008, 1.0122
On the H4 chart, the downward correction of the higher level continues as a wave (2), which includes the formation of the wave C of (2). At the moment, it seems that the local correction ii of C has completed, and the third wave iii of C has begun. If the assumption is correct, the pair will continue to decline to 0.9724-0.9618. The critical level for this scenario is 1.0008.
Main scenario
Short positions will become relevant below the level of 1.0008 with a target in the range of 0.9724–0.9618. Implementation period: 7+ days.
Alternative scenario
Breakout and consolidation of the price above the level of 1.0008 will enable the pair to continue to rise to the level of 1.0122.
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9918
Take Profit 0.9724, 0.9618
Stop Loss 1.0008
Key Levels 0.9618, 0.9724, 1.0008, 1.0122
Alternative scenario
Recommendation BUY STOP
Entry Point 1.0015
Take Profit 1.0122
Stop Loss 0.9955
Key Levels 0.9618, 0.9724, 1.0008, 1.0122