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) has begun, within it the first wave of the lower level i of 1 of (3) has formed, and an upward correction of the lower level ii of 1 is developing. If the assumption is correct, the pair will fall to the level of 0.9727 after the end of the correction. The level of 1.0027 is critical for this scenario.
Short positions will become relevant below the level of 1.0027 with the target at 0.9727.
The breakout and the consolidation of the price above the level of 1.0027 will let the pair grow to the level of 1.0100.
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