I think there is a strong probability this goes to 1.38 before down again. Daily is bullish and uptrend.
Price came off point (3) as the .618 retracement from the low at the beginning of December.
This area is also the .5 retracement from the high of 1.37 which is causing some coiling.
I think a close on H4 above 1.37250 will see price move up to 1.38 first.