On the 4-hour chart the upward correction as a wave (2) of the higher level is developing, within it the wave C of (2) is developing. Locally the correction has ended as a fourth wave iv of C of the lower level. If the assumption is correct, the pair will grow to the level of 1.0100 within the wave v of C. The level of 0.9946 is critical for this scenario.
Long positions will become relevant above the level of 0.9946 with the target at 1.0100.
The breakdown and the consolidation of the price below the level of 0.9946 will let the pair go down to the levels of 0.9830–0.9735.
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