Main scenario: consider short positions from corrections below the level of 1.2961 with a target of 1.2620 – 1.2543.
Alternative scenario: breakout and consolidation above the level of 1.2961 will allow the pair to continue rising to the levels of 1.3166 – 1.3382.
Analysis: A descending correction appears to have formed as the fourth wave 4 of larger degree on the daily chart, with wave (С) of 4 completed and an ascending wave 5 unfolding inside. A downward correction is completed in the form of wave 2 of (1) of 5 and the third wave 3 of (1) has started developing on the H4 chart. Apparently, the first wave of smaller degree i of 3 has formed on the H1 chart, and a downward correction is developing in the form of the second wave ii of 3. If the presumption is correct, the pair will continue to drop to the levels of 1.2620 – 1.2543. The level of 1.2961 is critical in this scenario as a breakout will enable the pair to continue rising to the levels of 1.3166 – 1.3382.