On the 4-hour chart, the upward correction is developing as a wave 2 of (3) of the higher level. Now the wave c of 2 is forming, within which the third wave of the lower level (iii) of c is forming. If the assumption is correct, the pair will grow to the levels of 0.9710–0.9770. The level of 0.9573 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.9573 with the targets at 0.9710–0.9770.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9573 will let the pair go down to the level of 0.9426.
Scenario Timeframe Intraday Recommendation BUY Entry Point 0.9676 Take Profit 0.9710, 0.9770 Stop Loss 0.9650 Key Levels 0.9426, 0.9573, 0.9710, 0.9770 Alternative scenario Recommendation SELL STOP Entry Point 0.9580 Take Profit 0.9426 Stop Loss 0.9640 Key Levels 0.9426, 0.9573, 0.9710, 0.9770