The pair is likely to decline.
Presumably, the formation of the wave C of the zigzag continues in the fourth wave of the senior level. At the moment, it seems that the formation of the local correction in the wave (ii) has completed. If this assumption is correct, it is likely that the pair will continue to decline to 117.70-116.80 in the third wave (iii).
Sell the pair below the level of 120.50 with the target of 117.70-116.80.
Breakdown and consolidation of the price above the level of 120.50 will enable the pair to continue the rise up to 122.00.