The trend is downward.
On the daily chart, the first wave of the higher level 1 develops as a momentum. Now the third wave iii of 1 is developing, within which the wave (v) of iii is forming. If the assumption is correct, the pair will fall to the levels of 0.7100–0.7000. In this scenario, critical stop loss level is 0.7361.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7361 with the targets at 0.7100–0.7000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7361 will let the pair grow to the levels of 0.7455–0.7673.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7220
Take Profit 0.7100, 0.7000
Stop Loss 0.7320
Key Levels 0.7000, 0.7100, 0.7361, 0.7455, 0.7673
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7365
Take Profit 0.7455, 0.7673
Stop Loss 0.7300
Key Levels 0.7000, 0.7100, 0.7361, 0.7455, 0.7673
On the daily chart, the first wave of the higher level 1 develops as a momentum. Now the third wave iii of 1 is developing, within which the wave (v) of iii is forming. If the assumption is correct, the pair will fall to the levels of 0.7100–0.7000. In this scenario, critical stop loss level is 0.7361.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7361 with the targets at 0.7100–0.7000. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7361 will let the pair grow to the levels of 0.7455–0.7673.
Trade
Scenario
Timeframe Weekly
Recommendation SELL
Entry Point 0.7220
Take Profit 0.7100, 0.7000
Stop Loss 0.7320
Key Levels 0.7000, 0.7100, 0.7361, 0.7455, 0.7673
Alternative scenario
Recommendation BUY STOP
Entry Point 0.7365
Take Profit 0.7455, 0.7673
Stop Loss 0.7300
Key Levels 0.7000, 0.7100, 0.7361, 0.7455, 0.7673