A short-term downward trend is strong.
Assumingly, a large bear correction in a form of the fourth wave (4) continues developing. Locally, the first wave A of (4) seems to be forming, within which an upward correction as wave b of A is developing. If the assumption is correct, the pair reverse and continues falling within wave c of A towards 115.00, 114.00 after wave (c) of b ends near the level of 123.00. A critical for this scenario is the level of 125.25.
Buy the pair above the level of 119.87 with the target at 122.40.
The breakdown and consolidation below the level of 119.87 would allow the pair to fall to 115.00, 114.00.