On the 4-hour chart, the downward correction has formed as a second wave 2 of (3) of the higher level. Now the development of the wave 3, within which the first entry wave of the lower level i of 3 is forming, has begun. If the assumption is correct, the pair will grow to the levels of 0.7916–0.8140. The level of 0.7651 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7651 with the targets at 0.7916–0.8140.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7651 will let the pair go down to the level of 0.7535.
Scenario Timeframe Weekly Recommendation BUY Entry Point 0.7765 Take Profit 0.7916, 0.8140 Stop Loss 0.7700 Key Levels 0.7535, 0.7651, 0.7916, 0.8140 Alternative scenario Recommendation SELL STOP Entry Point 0.7645 Take Profit 0.7535 Stop Loss 0.7705 Key Levels 0.7535, 0.7651, 0.7916, 0.8140