The uptrend continues.
Supposedly, a bullish impetus continues to form as the first wave within the fifth wave of senior level. Apparently, a local correction in a form of wave (iv) has finished and the fifth final wave of junior level has started to form. If the assumption is correct, a bearish correction will develop logically within the second wave. The level of 1.2408 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1.2238–1.2160.
Buy the pair from corrections above the level of 1.2408 with a target at 1.2650.
Breakout and consolidation below the level of 1.2408 will allow the pair to continue declining to the levels 1.2240–1.2160.