On the 4-hour chart the development of the upward correction as a wave (2) of the higher level has ended. At the moment the formation of the third wave (3), within which the third wave of the lower level iii of 1 is forming, has begun. If the assumption is correct, the pair will fall to the level of 0.9728. The level of 0.9947 is critical for this scenario.
Short positions will become relevant during the correction, below the level of 0.9947 with the target at 0.9728.
The breakout and the consolidation of the price above the level of 0.9947 will let the pair grow to the level of 1.0038.
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