On the 4-hour chart the fifth wave of the higher level (5) is developing. Locally the downward momentum is forming as a first wave of the lower level 1 of (5), within which the upward correction iv of 1 is developing. If the assumption is correct, the pair will grow to the levels of 0.7670–0.7712. The level of 0.7530 is critical for this scenario.
Long positions will become relevant during the correction, above the level of 0.7530 with the targets at 0.7670–0.7712.
The breakdown and the consolidation of the price below the level of 0.7530 will let the pair go down to the level of 0.7450.
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