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, within which the first entry wave of the lower level i of 3 is forming, is beginning. If the assumption is correct, the pair will grow to the levels of 0.7916–0.8140. The level of 0.7735 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 0.7735 with the targets at 0.7916–0.8140.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7735 will let the pair go down to the level of 0.7652.
Scenario Timeframe Weekly Recommendation BUY Entry Point 0.7792 Take Profit 0.7916, 0.8140 Stop Loss 0.7730 Key Levels 0.7652, 0.7735, 0.7916, 0.8140 Alternative scenario Recommendation SELL STOP Entry Point 0.7730 Take Profit 0.7652 Stop Loss 0.7790 Key Levels 0.7652, 0.7735, 0.7916, 0.8140