On the 4-hour chart, the downward trend within the first wave 1 of (3) of the higher level is developing. At the moment the third wave of the lower level iii of 1 has formed as a momentum, and the upward correction as a wave iv of 1 is developing. If the assumption is correct, the pair will fall to the level of 0.9120 after the end of the correction. The level of 0.9528 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the correction below the level of 0.9528 with the target at 0.9120.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.9528 will let the pair grow to the level of 0.9615.
Trade
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.9368 Take Profit 0.9120 Stop Loss 0.9205 Key Levels 0.9120, 0.9528, 0.9615
Alternative scenario
Recommendation BUY STOP Entry Point 0.9535 Take Profit 0.9615 Stop Loss 0.9475 Key Levels 0.9120, 0.9528, 0.9615