The pair is in correction. The growth is possible.
On the 4-hour chart the downward momentum within the wave C of the higher level is developing. Locally the upward correction iv of C, within which the zigzag abc is developing, is forming. If the assumption is correct, locally the pair will grow to the level of 1.2832. The level of 1.2650 is critical for this scenario.
Main scenario
Long positions can be opened during the correction, above the level of 1.2650 with the target at 1.2832.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2650 will let the pair go down to the level of 1.2250 within the trend.
On the 4-hour chart the downward momentum within the wave C of the higher level is developing. Locally the upward correction iv of C, within which the zigzag abc is developing, is forming. If the assumption is correct, locally the pair will grow to the level of 1.2832. The level of 1.2650 is critical for this scenario.
Main scenario
Long positions can be opened during the correction, above the level of 1.2650 with the target at 1.2832.
Alternative scenario
The breakdown and the consolidation of the price below the level of 1.2650 will let the pair go down to the level of 1.2250 within the trend.