The pair is expected to decline.
Assumingly, a large Bearish correction as the fourth wave (4) continues forming. At present, wave B seems to have finished forming and wave C of 4 of the senior level seems to have started developing. If the assumption is correct and the price does not break out the critical level of 121.48, it is logical to expect a further decline towards 118.00-117.00.
Sell the pair from corrections, below the level of 121.48 with the target at 118.00-117.00.
The breakout and consolidation above the level of 121.48 would allow the pair to continue growing to 123.00.