A short-term downward trend is strong.
Assumingly, a zigzag as wave A of (4) continues developing. Locally, a correction as wave b of A, which is taking the shape of a triangle, seems to be forming. If the assumption is correct, after the correction, the pair continues declining within wave c of A towards 115.00-114.00. A critical for this scenario is the level of 121.35.
Sell the pair below the level of 121.35 with targets at 115.00-114.00.
The breakout and consolidation above the level of 121.35 would allow the pair to grow to 123.60.