The trend is downward.
On the 4-hour chart the downward trend as a third wave 3 of the higher level is forming. Locally the fifth wave v of 3 is developing, within it the third wave (iii) of v of the lower level is developing. If the assumption is correct, the pair will fall to the levels of 0.9400–0.9350. The level of 0.9618 is critical for this scenario.
Main scenario
Short positions can be opened during the correction, below the level of 0.9618 with the targets at 0.9400–0.9350.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9618 will let the pair grow to the level of 0.9760.
On the 4-hour chart the downward trend as a third wave 3 of the higher level is forming. Locally the fifth wave v of 3 is developing, within it the third wave (iii) of v of the lower level is developing. If the assumption is correct, the pair will fall to the levels of 0.9400–0.9350. The level of 0.9618 is critical for this scenario.
Main scenario
Short positions can be opened during the correction, below the level of 0.9618 with the targets at 0.9400–0.9350.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9618 will let the pair grow to the level of 0.9760.