The trend is downward.
On the 4-hour chart the wave A is forming within the downward correction (2) of the higher level. At the moment the local correction is developing as a fourth wave of the lower level (iv) of v of A. If the assumption is correct, the pair will fall to the levels of 1.1530–1.1470 after the end of the correction. The level of 1.1686 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1686 with the targets at 1.1530–1.1470.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1686 will let the pair grow to the level of 1.1837.
On the 4-hour chart the wave A is forming within the downward correction (2) of the higher level. At the moment the local correction is developing as a fourth wave of the lower level (iv) of v of A. If the assumption is correct, the pair will fall to the levels of 1.1530–1.1470 after the end of the correction. The level of 1.1686 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1686 with the targets at 1.1530–1.1470.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1686 will let the pair grow to the level of 1.1837.