On the 4-hour chart the downward momentum within the wave C of the higher level is developing. Locally the third wave of the lower level (iii) of iii of C, within which the lengthening is forming, is developing. If the assumption is correct, the pair will fall to the level of 1.2430. The level of 1.2780 is critical for this scenario.
Trading tips
Sell the pair during the correction below the level of 1.2780 with the target at 1.2430.
Alternative scenario
The breakout and the consolidation of the price above the level of 1.2780 will let the pair grow to the level of 1.3000.