The pair is expected to fall.
On the 4-hour chart the development of the upward momentum as a third wave of the higher level 3 has ended, and the formation of the downward correction 4 has begun. At the moment the wave a of 4, within which the correction has formed as a wave (ii) of a, is developing. If the assumption is correct, the pair will fall to the level of 1.1690 within the third wave (iii). The level of 1.1949 is critical for this scenario.
Main scenario
Short positions can be opened during the correction, below the level of 1.1949 with the target at 1.1690.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1949 will let the pair grow to the level of 1.2070.
On the 4-hour chart the development of the upward momentum as a third wave of the higher level 3 has ended, and the formation of the downward correction 4 has begun. At the moment the wave a of 4, within which the correction has formed as a wave (ii) of a, is developing. If the assumption is correct, the pair will fall to the level of 1.1690 within the third wave (iii). The level of 1.1949 is critical for this scenario.
Main scenario
Short positions can be opened during the correction, below the level of 1.1949 with the target at 1.1690.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1949 will let the pair grow to the level of 1.2070.