The development the upward correction of the higher level has begun.
On the 4-hour chart the development of the fifth wave 5 within the first wave (1) of the higher level has ended. Locally the development of the upward correction as a wave (2), within which the “bullish” momentum is forming as a wave i of A, has begun. If the assumption is correct, the pair will grow to the levels of 0.9877–0.9980 after the end of the downward correction ii of A. The level of 0.9412 is critical for this scenario.
Main scenario
Long positions can be opened after the end of the correction ii of A and above the level of 0.9412 with the targets at 0.9877–0.9980.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9412 will let the pair go down to the level of 0.9300.
On the 4-hour chart the development of the fifth wave 5 within the first wave (1) of the higher level has ended. Locally the development of the upward correction as a wave (2), within which the “bullish” momentum is forming as a wave i of A, has begun. If the assumption is correct, the pair will grow to the levels of 0.9877–0.9980 after the end of the downward correction ii of A. The level of 0.9412 is critical for this scenario.
Main scenario
Long positions can be opened after the end of the correction ii of A and above the level of 0.9412 with the targets at 0.9877–0.9980.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.9412 will let the pair go down to the level of 0.9300.