The trend is upward.
On the 4-hour chart the upward momentum as a third wave of the higher level iii is forming. Locally the fifth wave of the lower level (v) is developing, within which the third wave iii of (v) is developing. If the assumption is correct, the pair will grow to the levels of 0.8100–0.8200. The level of 0.7870 is critical for this scenario.
Main scenario
Long positions can be opened during the correction, above the level of 0.7870 with the targets at 0.8100–0.8200.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7870 will let the pair go down to the level of 0.7750.
On the 4-hour chart the upward momentum as a third wave of the higher level iii is forming. Locally the fifth wave of the lower level (v) is developing, within which the third wave iii of (v) is developing. If the assumption is correct, the pair will grow to the levels of 0.8100–0.8200. The level of 0.7870 is critical for this scenario.
Main scenario
Long positions can be opened during the correction, above the level of 0.7870 with the targets at 0.8100–0.8200.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7870 will let the pair go down to the level of 0.7750.