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The pair may grow.
On the daily chart, the first downward wave of the higher level (1) of 3 developed, and an upward correction started to develop as the wave (2). Now, the wave A of (2) is forming, within which the first wave of the lower level i of A has formed. If the assumption is correct, the pair will grow to the levels of 0.9320–0.9400. In this scenario, critical stop loss level is 0.8922.
Long positions will become relevant during the correction, above the level of 0.8922 with the targets at 0.9320–0.9400. Implementation period: 7 days and more.
The breakdown and the consolidation of the price below the level of 0.8922 will let the pair go down to the levels of 0.8755–0.8650.
Timeframe: Weekly
Recommendation: Buy
Entry Point: 0.9151
Take Profit: 0.9320, 0.9400
Stop Loss: 0.9090
Key Levels: 0.8650, 0.8755, 0.8922, 0.9320, 0.9400
Timeframe: Weekly
Recommendation: Sell Stop
Entry Point: 0.8920
Take Profit: 0.8755, 0.8650
Stop Loss: 0.8980
Key Levels: 0.8650, 0.8755, 0.8922, 0.9320, 0.9400
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