The downward correction continues.
Within the H4 timeframe downward correction of the upper level is likely to be continuing as wave B. Currently the “bearish” impulse seems to be developing as wave (c) of ii within which the third wave of lower level (iii) of c seems to have formed. If the assumption is correct, after the correction of (iv) the fall of the pair will continue to 0.9655-0.9610. A critical level for this scenario is 0.9754.
Main scenario
Short positions are relevant from corrections below the level of 0.9754 with targets at 0.9655-0.9610.
Alternative scenario
A breakout and consolidation of the price above the level of 0.9754 will allow the pair to continue growth to 0.9808.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9725
Take Profit 0.9655, 0.9610
Stop Loss 0.9785
Key Levels 0.9610, 0.9655, 0.9754, 0.9808
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9760
Take Profit 0.9808
Stop Loss 0.9715
Key Levels 0.9610, 0.9655, 0.9754, 0.9808
Within the H4 timeframe downward correction of the upper level is likely to be continuing as wave B. Currently the “bearish” impulse seems to be developing as wave (c) of ii within which the third wave of lower level (iii) of c seems to have formed. If the assumption is correct, after the correction of (iv) the fall of the pair will continue to 0.9655-0.9610. A critical level for this scenario is 0.9754.
Main scenario
Short positions are relevant from corrections below the level of 0.9754 with targets at 0.9655-0.9610.
Alternative scenario
A breakout and consolidation of the price above the level of 0.9754 will allow the pair to continue growth to 0.9808.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.9725
Take Profit 0.9655, 0.9610
Stop Loss 0.9785
Key Levels 0.9610, 0.9655, 0.9754, 0.9808
Alternative scenario
Recommendation BUY STOP
Entry Point 0.9760
Take Profit 0.9808
Stop Loss 0.9715
Key Levels 0.9610, 0.9655, 0.9754, 0.9808