The pair is under correction.
The bearish correction of senior wave level continues to develop in a form of wave 4. Apparently, the wave a of 4 is forming locally. Supposedly, a zigzag (a)(b)(c) is developing within it. If the presumption is correct, the pair will continue to decline to a level of 116.80 once the wave (b) has finished forming.
Wait for completion of the wave c of (b) and sell the pair below 121.00 with a target at 116.80.
Breakdown and consolidation above the level of 121.00 will allow the pair to continue rising to a level of 122.00.