On the 4-hour chart the development of the upward correction as a fourth wave (4) of the higher level has ended, and the formation of the fifth wave (5) has begun. Locally the downward momentum is developing as a first wave of the lower level i of 1 of (5), within which the fifth wave (v) of I is forming. If the assumption is correct, the pair will fall to the levels of 0.7600–0.7550. The level of 0.7728 is critical for this scenario.
Short positions will become relevant during the correction, below the level of 0.7728 with the targets at 0.7600–0.7550.
The breakout and the consolidation of the price above the level of 0.7728 will let the pair grow to the level of 0.7894.
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