We came down and up to the same point in three days. We have a Bearish Doji in 1H chart, probably we are seeing a reversal here, to make a correction right to the next support at 1.22874. The Doji appeared at the resistance level related to the previous down fall before the FED chairman spoke yesterday. Also, Stochastich RSI shows an Overbought condition in this ...
It seems that Wave 4 is about to be completed and then it's going to start a rally to fulfill 5. There's a major support zone ahead so we expect a bounce on the 50% retracement of the main trend seen on weekly chart, which also corresponds to previous support zones as seen in chart.
Wave 4 is a flat correction.
C wave is reaching its final point but it has to finish the corrective 3-4 wave before it continues to fulfill wave 5 and touch the yearly trend line. MACD and STOCHASTIC shows that corrective pattern hasn't end already, so wait for confirmation.