A decline is possible.
Assumingly, an upward correction as wave B within the fourth wave (4) has finished forming. At present, wave C of the senior level seems to be forming, within which, assumingly, a staring impulse (i) is forming. A critical for this scenario is the level of 123.74.
Sell the pair from corrections, below the level of 123.74 with the target at 121.00-120.00.
The breakout and consolidation above the level of 123.74 would allow the pair to continue growing to 124.50 and, probably, higher.