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 correction as a wave (iv) of I has ended. If the assumption is correct, the pair will grow to the levels of 1.3000–1.3130. The level of 1.2697 is critical for this scenario.
Long positions will become relevant above the level of 1.2697 with the targets at 1.3000–1.3130.
The breakdown and the consolidation of the price below the level of 1.2697 will let the pair go down to the levels of 1.2600–1.2500.