On the 4-hour chart, the horizontal correction is forming as a fourth wave iv of v within the first wave (1) of the higher level, which is taking the shape of a triangle. Now the wave (е) of iv of the lower level is developing. If the assumption is correct, after the end of the correction the pair will grow to the levels of 1.2560–1.2650. The level of 1.2214 is critical for this scenario.
Long positions will become relevant during the correction, above the level of 1.2214 with the targets at 1.2560–1.2650.
The breakdown and the consolidation of the price below the level of 1.2214 will let the pair go down to the level of 1.2135.