On the 4-hour chart the wave A is forming within the downward correction (2) of the higher level. At the moment the local correction is ending as a fourth wave of the lower level (iv) of v of A. If the assumption is correct, the pair will fall to the levels of 1.1530–1.1470. The level of 1.1853 is critical for this scenario.
Main scenario
Short positions will become relevant during the correction, below the level of 1.1853 with the targets at 1.1530–1.1470.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.1853 will let the pair grow to the level of 1.2000.