On the 4-hour chart, the upward correction (4) of the higher level has formed. Now the upward correction (ii) of i of the lower level has ended, and the development of the wave (iii) of I has begun. If the assumption is correct, the pair will fall to the level of 0.7500. The level of 0.7992 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7992 with the target at 0.7500.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7992 will let the pair grow to the level of 0.8135.
Trade
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.7808 Take Profit 0.7500 Stop Loss 0.7910 Key Levels 0.7500, 0.7992, 0.8135
Alternative scenario
Recommendation BUY STOP Entry Point 0.8000 Take Profit 0.8135 Stop Loss 0.7940 Key Levels 0.7500, 0.7992, 0.8135