The pair is in correction.
On the 4-hour chart the downward correction is developing as a fourth wave iv of the higher level. Locally the formation of the wave (a) of iv is ending. If the assumption is correct, the pair will fall to the level of 0.7725 after the end of the upward correction of the lower level (b) of iv. The level of 0.8125 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the correction and rebound from the levels of 0.7973–0.8008 with the targets at 0.7820–0.7725.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.8125 will let the pair grow to the level of 0.8300.
On the 4-hour chart the downward correction is developing as a fourth wave iv of the higher level. Locally the formation of the wave (a) of iv is ending. If the assumption is correct, the pair will fall to the level of 0.7725 after the end of the upward correction of the lower level (b) of iv. The level of 0.8125 is critical for this scenario.
Main scenario
Short positions will become relevant after the end of the correction and rebound from the levels of 0.7973–0.8008 with the targets at 0.7820–0.7725.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.8125 will let the pair grow to the level of 0.8300.