On the 4-hour chart, the fifth wave v of 5 is forming within the first wave (1) of the higher level. Locally the third wave of the lower level (iii) of v is developing. If the assumption is correct, the pair will grow to the levels of 1.4465–1.4635. The level of 1.4144 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 1.4144 with the targets at 1.4465–1.4635.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.4144 will let the pair go down to the level of 1.3966.
Scenario Timeframe Weekly Recommendation BUY Entry Point 1.4260 Take Profit 1.4465, 1.4635 Stop Loss 1.4190 Key Levels 1.3966, 1.4144, 1.4465, 1.4635 Alternative scenario Recommendation SELL STOP Entry Point 1.4140 Take Profit 1.3966 Stop Loss 1.4200 Key Levels 1.3966, 1.4144, 1.4465, 1.4635