On the 4-hour chart the first wave i is forming within the fifth wave (5) of the higher level. At the moment the development of the downward correction as a wave (iv) of I has ended, and the formation of the fifth wave (v) of I has begun. If the assumption is correct, the pair will grow to the levels of 1.3000–1.3130. The level of 1.2660 is critical for this scenario.
Long positions will become relevant during the correction, above the level of 1.2660 with the targets at 1.3000–1.3130.
The breakdown and the consolidation of the price below the level of 1.2660 will let the pair go down to the level of 1.2470.