On the 4-hour chart the upward correction is developing as a wave (2) of the higher level, within which the wave C of (2) is developing. Locally the third wave iii of C has ended, and the downward correction is forming as a wave iv of C. If the assumption is correct, the pair will grow to the level of 0.9983 after the end of the correction. The level of 0.9734 is critical for this scenario.
Long positions will become relevant after the end of the correction, above the level of 0.9734 with the targets at 0.9925–0.9983.
The breakdown and the consolidation of the price below the level of 0.9734 will let the pair go down to the levels of 0.9675–0.9625.