On the 4-hour chart, the downward trend within the first wave 1 of (3) of the higher level is developing. Now the fifth wave of the lower level v of 1, within which the correction (iv) of v has ended, is developing. If the assumption is correct, the pair will fall to the level of 0.9149. The level of 0.9322 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.9322 with the target at 0.9149.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9322 will let the pair grow to the level of 0.9406.
Trade
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.9285 Take Profit 0.9149 Stop Loss 0.9345 Key Levels 0.9149, 0.9322, 0.9406
Alternative scenario
Recommendation BUY STOP Entry Point 0.9330 Take Profit 0.9406 Stop Loss 0.9270 Key Levels 0.9149, 0.9322, 0.9406