Presumably, the third wave of the senior level iii of 5 continues to form. Locally, as it seems, a "bullish" impetus as the third wave of the junior level (iii) of iii is developing. If the assumption is correct, the pair continues to grow to the level 1.28. The key level for this scenario is 1.2419 the breakdown of which would lead to decline towards 1.2300-1.2200.
Open long positions from the corrections above 1.2419 with the target at 1.2800-1.3000.
Breakdown and consolidation below 1.2419 lead to the further decline towards 1.2300-1.2200.