On the 4-hour chart, the development of the upward correction has ended as a second wave 2 of (5) of the higher level, shaped as a zigzag. Locally the fifth wave of the lower level (v) of c of 2 has ended. If the assumption is correct, the pair will fall to the level of 0.7653. The level of 0.7875 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7875 with the target at 0.7653.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7875 will let the pair grow to the level of 0.7945 and further.
Trade
Scenario
Timeframe Weekly Recommendation SELL Entry Point 0.7844 Take Profit 0.7653 Stop Loss 0.7910 Key Levels 0.7653, 0.7875, 0.7945
Alternative scenario
Recommendation BUY STOP Entry Point 0.7880 Take Profit 0.7945 Stop Loss 0.7820 Key Levels 0.7653, 0.7875, 0.7945