On the 4-hour chart the wave A is forming within the downward correction (2) of the higher level. At the moment the fifth wave v of A, within which the third wave of the lower level ( iii ) of v is developing, is forming. If the assumption is correct, the pair will fall to the levels of 1.1670–1.1600. The level of 1.1856 is critical for this scenario.
Short positions will become relevant below the level of 1.1856 with the targets at 1.1670–1.1600.
The breakout and the consolidation of the price above the level of 1.1856 will let the pair grow to the level of 1.1905.