The pair is in a correction, the fall is possible.
On the 4-hour chart, the first wave of the higher level 1 of (3) formed as a wedge, and a downward correction develops as the wave 2 of (3). Now, the wave c of 2 is forming, within which the third wave of the lower level (iii) of c has formed, and the local correction (iv) of c is developing. If the assumption is correct, the pair will fall to the levels of 1.2650–1.2600. In this scenario, critical stop loss level is 1.2857.
Main scenario
Short positions will become relevant during the correction, below the level of 1.2857 with the targets at 1.2650–1.2600. Implementation period: 5–7 days.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2857 will let the pair grow to the levels of 1.3178–1.3377.
Scenario
Timeframe Weekly Recommendation SELL Entry Point 1.2699 Take Profit 1.2650, 1.2600 Stop Loss 1.2735 Key Levels 1.2600, 1.2650, 1.2857, 1.3178, 1.3377
Alternative scenario
Recommendation BUY STOP Entry Point 1.2865 Take Profit 1.3178, 1.3377 Stop Loss 1.2760 Key Levels 1.2600, 1.2650, 1.2857, 1.3178, 1.3377