On the 4-hour chart the upward correction is developing as a wave (2) of the higher level, within which the wave C of (2) is developing. At the moment the local correction is ending as a fourth wave iv of C of the lower level. If the assumption is correct, the pair will grow to the level of 1.0100 within the wave v of C. The level of 0.9946 is critical for this scenario.
Long positions will become relevant above the level of 0.9946 with the target at 1.0100.
The breakdown and the consolidation of the price below the level of 0.9946 will let the pair go down to the levels of 0.9885–0.9850.
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