The growth of the pair is expected.
On the 4-hour chart the development of the downward correction as a fourth wave iv of the higher level has ended, and the formation of the fifth wave v has begun. Locally the first wave of the lower level (i) is developing. If the assumption is correct, the pair will grow to the levels of 0.7923–0.7958. The level of 0.7783 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 0.7783 with the targets at 0.7923–0.7958.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7783 will let the pair go down to the level of 0.7725.
On the 4-hour chart the development of the downward correction as a fourth wave iv of the higher level has ended, and the formation of the fifth wave v has begun. Locally the first wave of the lower level (i) is developing. If the assumption is correct, the pair will grow to the levels of 0.7923–0.7958. The level of 0.7783 is critical for this scenario.
Main scenario
Long positions will become relevant above the level of 0.7783 with the targets at 0.7923–0.7958.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7783 will let the pair go down to the level of 0.7725.