Main scenario: consider short positions from corrections below the level of 1.2797 with a target of 1.2024 – 1.1408.
Alternative scenario: breakout and consolidation above the level of 1.2797 will allow the pair to continue rising to the levels of 1.3424 – 1.3727.
Analysis: a descending correction appears to continue developing as the fourth wave 4 of larger degree on the daily chart, with wave (С) forming inside. An ascending correction finished developing as the fourth wave 4 of (C), and the fifth wave 5 of (C) is forming on the H4 chart. Apparently, the first wave of smaller degree i of 5 and a local correction ii of 5 are formed on the H1 chart, and wave iii of 5 has started developing. If the presumption is correct, the pair will continue to drop to the levels of 1.2024 – 1.1408. The level of 1.2797 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3424 – 1.3727.