The trend is upward.
On the 4-hour chart the fifth wave 5 of the higher level is forming. At the moment the third wave iii of 5 is developing, and within it the wave (i) has formed, and the correction (ii) is developing. If the assumption is correct, the pair will grow to the level of 1.3350 after the end of the correction. The level of 1.2960 is critical for this scenario.
Main scenario
Long positions can be opened during the correction, above the level of 1.2960 with the target at 1.3350.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2960 will let the pair go down to the level of 1.2810.
On the 4-hour chart the fifth wave 5 of the higher level is forming. At the moment the third wave iii of 5 is developing, and within it the wave (i) has formed, and the correction (ii) is developing. If the assumption is correct, the pair will grow to the level of 1.3350 after the end of the correction. The level of 1.2960 is critical for this scenario.
Main scenario
Long positions can be opened during the correction, above the level of 1.2960 with the target at 1.3350.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2960 will let the pair go down to the level of 1.2810.