The trend is downward.
On the 4-hour chart the downward momentum within the wave C of the higher level is developing. At the moment the ending fifth wave of this momentum is forming, within it the correction as a wave (iv) has ended, and the development of the wave (v) begins. If the assumption is correct, the pair will fall to the level of 1.1950. The level of 1.2240 is critical for this scenario.
Main scenario
Short positions can be opened during the correction, below the level of 1.2240 with the target at 1.1950.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2240 will let the pair grow to the level of 1.2660.
On the 4-hour chart the downward momentum within the wave C of the higher level is developing. At the moment the ending fifth wave of this momentum is forming, within it the correction as a wave (iv) has ended, and the development of the wave (v) begins. If the assumption is correct, the pair will fall to the level of 1.1950. The level of 1.2240 is critical for this scenario.
Main scenario
Short positions can be opened during the correction, below the level of 1.2240 with the target at 1.1950.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2240 will let the pair grow to the level of 1.2660.