The pair is expected to grow.
Supposedly, a bearish correction in a form of the fourth wave 4 is completed. Apparently, a reversal and the first wave of junior level are forming locally. If the assumption is correct, it's logical to expect the pair to grow to the levels of 1.2450–1.2800 as part of the fifth wave of senior level. The level of 1.1940 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1.1800–1.1700.
Buy the pair from corrections above the level of 1.1940 with a target at 1.2450.
Breakout and consolidation below the level of 1.1940 will allow the pair to continue declining to the levels 1.1800-1.1700.