The pair can decrease.
On the daily chart, the upward correction (4) of the higher level has formed. Now the development the fifth wave (5) has begun, within which the downward entering momentum of the lower level (i) has formed, and the upward correction (ii) has ended. If the assumption is correct, the pair will fall to the level of 0.7500. The level of 0.7992 is critical for this scenario.
Main scenario
Short positions will become relevant below the level of 0.7992 with the target at 0.7500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7992 will let the pair grow to the level of 0.8135.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7920
Take Profit 0.7500
Stop Loss 0.8060
Key Levels 0.7500, 0.7992, 0.8135
Alternative scenario
Recommendation BUY STOP
Entry Point 0.8000
Take Profit 0.8135
Stop Loss 0.7940
Key Levels 0.7500, 0.7992, 0.8135
On the daily chart, the upward correction (4) of the higher level has formed. Now the development the fifth wave (5) has begun, within which the downward entering momentum of the lower level (i) has formed, and the upward correction (ii) has ended. If the assumption is correct, the pair will fall to the level of 0.7500. The level of 0.7992 is critical for this scenario.
Main scenario
Short positions will become relevant below the level of 0.7992 with the target at 0.7500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7992 will let the pair grow to the level of 0.8135.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7920
Take Profit 0.7500
Stop Loss 0.8060
Key Levels 0.7500, 0.7992, 0.8135
Alternative scenario
Recommendation BUY STOP
Entry Point 0.8000
Take Profit 0.8135
Stop Loss 0.7940
Key Levels 0.7500, 0.7992, 0.8135