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Current Trend: The pair may fall.
On the daily chart, the upward wave (А) of B developed as a momentum, and a downward correction started to form as the wave (B) of B. Now, the wave A of (B) is developing, within which a local correction is ending to form as the fourth wave of the lower level iv of A. If the assumption is correct, the pair will fall to the levels of 0.6831–0.6708. In this scenario, critical stop loss level is 0.7267.
Short positions will become relevant during the correction, below the level of 0.7267 with the targets at 0.6831–0.6708. Implementation period: 7 days and more.
The breakout and the consolidation of the price above the level of 0.7267 will let the pair grow to the levels of 0.7458–0.7700.
Timeframe: Weekly
Recommendation: Sell
Entry Point: 0.7144
Take Profit: 0.6831, 0.6708
Stop Loss: 0.7267
Key Levels: 0.6708, 0.6831, 0.7267, 0.7458, 0.7700
Timeframe: Weekly
Recommendation: Buy Stop
Entry Point: 0.7270
Take Profit: 0.7458, 0.7700
Stop Loss: 0.7205
Key Levels: 0.6708, 0.6831, 0.7267, 0.7458, 0.7700
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