A decline is expected.
Assumingly, an upward correction as wave B within the fourth wave (4) has finished forming. At present, wave c of B seems to have finished forming within which a completed impulse can be seen. If the assumption is correct, wave C of the senior level with the target levels of 118.00-116.00 has started forming. A critical for this scenario is the level of 123.80.
Sell the pair from corrections, below the level of 123.80 with the target at 120.00-118.00.
The breakout and consolidation above the level of 123.80 would allow the pair to continue growing to 124.50.