Correction is completed and the pair is expected to rise.
Presumably, the correction in a form of the fourth wave 4, which has taken the shape of a triangle, is completed. Apparently, the final wave e of 4 has formed locally and the first counter-trend wave (i) within the fifth wave of senior level is forming, up to a level of 122.00. The level of 118.84 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 118.00–117.00.
Buy the pair from corrections above the level of 118.84 with a target at 122.00.
Breakout and consolidation below the level of 118.84 will allow the pair to continue declining to the levels 118.00–117.00.