The pair can fall within the correction.
On the 4-hour chart the development of the fourth wave (4) of the higher level has ended, and the formation of the wave (5) has begun. At the moment the first entering wave of the lower level (i) has formed, and the development to the downward correction as a wave (ii) begins. If the assumption is correct, the pair will fall to the levels of 1.2355–1.2300. The level of 1.2535 is critical for this scenario.
Main scenario
Short positions will become relevant below the level of 1.2535 with the targets at 1.2355–1.2300.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2535 will let the pair grow to the level of 1.2660.
On the 4-hour chart the development of the fourth wave (4) of the higher level has ended, and the formation of the wave (5) has begun. At the moment the first entering wave of the lower level (i) has formed, and the development to the downward correction as a wave (ii) begins. If the assumption is correct, the pair will fall to the levels of 1.2355–1.2300. The level of 1.2535 is critical for this scenario.
Main scenario
Short positions will become relevant below the level of 1.2535 with the targets at 1.2355–1.2300.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2535 will let the pair grow to the level of 1.2660.