On the 4-hour chart, the upward momentum is developing as a first wave of the higher level 1 of (3). Now the local correction is developing as a fourth wave iv of 1, within which the wave (c) of iv is forming. If the assumption is correct, the pair will fall to the levels of 0.9819–0.9744. The level of 0.9886 is critical and stop-loss for this scenario.
Main scenario
Short positions will become relevant below the level of 0.9886 with the targets at 0.9819–0.9744. Implementation period: 3–5 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9886 will let the pair grow to the levels of 0.9985–1.0057.
Trade
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.9841 Take Profit 0.9819, 0.9744 Stop Loss 0.9886 Key Levels 0.9744, 0.9819, 0.9886, 0.9985, 1.0057
Alternative scenario
Recommendation BUY STOP Entry Point 0.9890 Take Profit 0.9985, 1.0057 Stop Loss 0.9830 Key Levels 0.9744, 0.9819, 0.9886, 0.9985, 1.0057