On the 4-hour chart the upward momentum as a third wave of the higher level iii is forming. Locally the downward correction (iv) has ended. If the assumption is correct, the pair will grow to the levels of 0.8100–0.8200. The level of 0.7890 is critical for this scenario.
Main scenario
Long positions can be opened during the correction, above the level of 0.7890 with the targets at 0.8100–0.8200.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7890 will let the pair go down to the level of 0.78120.