The trend is upward.
On the 4-hour chart, the upward correction of the higher level is developing as a wave (4). Locally the upward momentum is forming within the fifth wave of the lower level v of C of (4), within which the correction (iv) of v has ended. If the assumption is correct, the pair will grow to the levels of 0.8190–0.8250. The level of 0.8003 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.8003 with the targets at 0.8190–0.8250.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.8003 will let the pair go down to the levels of 0.7950–0.7805.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.8094
Take Profit 0.8190, 0.8250
Stop Loss 0.8030
Key Levels 0.7805, 0.7950, 0.8003, 0.8190, 0.8250
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7995
Take Profit 0.7950, 0.7805
Stop Loss 0.8040
Key Levels 0.7805, 0.7950, 0.8003, 0.8190, 0.8250
On the 4-hour chart, the upward correction of the higher level is developing as a wave (4). Locally the upward momentum is forming within the fifth wave of the lower level v of C of (4), within which the correction (iv) of v has ended. If the assumption is correct, the pair will grow to the levels of 0.8190–0.8250. The level of 0.8003 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.8003 with the targets at 0.8190–0.8250.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.8003 will let the pair go down to the levels of 0.7950–0.7805.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.8094
Take Profit 0.8190, 0.8250
Stop Loss 0.8030
Key Levels 0.7805, 0.7950, 0.8003, 0.8190, 0.8250
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7995
Take Profit 0.7950, 0.7805
Stop Loss 0.8040
Key Levels 0.7805, 0.7950, 0.8003, 0.8190, 0.8250