The pair is expected to grow.
Supposedly, a bullish impetus continues to form as the first wave i of 5 within the fifth wave of senior level. Apparently, the third wave of junior level (iii) has finished locally. If the assumption is correct, once the correction (iv) is completed, it's logical to expect the pair to continue growing to a level of 1.2530 as part of the fifth wave. The level of 1.2256 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1.2100–1.2000.
Buy the pair from corrections above the level of 1.2256 with a target at 1.2530.
Breakout and consolidation below the level of 1.2256 will allow the pair to continue declining to the levels 1.2100–1.2000.