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On the Daily Chart, the third wave of the higher level (3) is formed, the development of the downward correction as wave (4) is completed, and the wave (5) is forming. At the moment, the first entry wave 1 of (5) has formed, the development of local correction as wave 2 of (5) has completed, and the formation of wave 3 of (5) has begun. If the assumption is right, the growth of the pair will continue to the levels of 1959.38–2075.45. The level of 1784.95 is critical and stop-loss for this scenario.
Long positions are relevant from the corrections above the level of 1784.95 with targets at 1959.38–2075.45. Implementation time: 7 days and more.
Breaking down the level of 1784.95 and consolidation below it will allow the pair to continue reduction to the levels of 1728.61–1622.21.
Timeframe: Weekly
Recommendation: Buy
Entry Point: 1823.00
Take Profit: 1959.38, 2075.45
Stop Loss: 1784.95
Key Levels: 1622.21, 1728.61, 1784.95, 1959.38, 2075.45
Timeframe: Weekly
Recommendation: Sell Stop
Entry Point: 1784.90
Take Profit: 1728.61, 1622.21
Stop Loss: 1803.70
Key Levels: 1622.21, 1728.61, 1784.95, 1959.38, 2075.45
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