wave analysis” by trader LiteForex_Official — published March 23, 2018 — TradingView

The growth of the pair is expected.

On the 4-hour chart, the downward correction has formed as a second wave 2 of (3) of the higher level. Now the development of the wave 3 of (3), within which the first wave of the lower level i of (i) has formed, has begun. If the assumption is correct, the pair will grow to the levels of 0.7916–0.8140. The level of 0.7670 is critical for this scenario.

Main scenario

Long positions will become relevant above the level of 0.7670 with the targets at 0.7916–0.8140.

Alternative scenario

The breakdown and the consolidation of the price below the level of 0.7670 will let the pair go down to the level of 0.7537.

Trade

Scenario

Timeframe Weekly

Recommendation BUY

Entry Point 0.7706

Take Profit 0.7916, 0.8140

Stop Loss 0.7635

Key Levels 0.7537, 0.7670, 0.7916, 0.8140

Alternative scenario

Recommendation SELL STOP

Entry Point 0.7660

Take Profit 0.7537

Stop Loss 0.7720

Key Levels 0.7537, 0.7670, 0.7916, 0.8140

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