The pair is expected to decline due to correction
Supposedly, the first counter-trend wave (i) has finished forming within the fifth wave 5 of senior level. Apparently, a descending correction in a form of wave (ii) has started developing. If the assumption is correct, once the correction is completed, it's logical to expect the pair to continue growing to the levels of 1.2450–1.2800 as part of the fifth wave. The level of 1.1918 is critical in this scenario as the breakout will enable the pair to continue declining to the levels 1.1700–1.1800.
Trading tips
In the short term: sell the pair below a level of 1.2241 with a target at 1.2090. In the medium term: wait for completion of the correction (ii) and buy the pair above the level of 1.1918 with a target at about 1.2450.
Alternative scenario
Breakout and consolidation below the level of 1.1918 will allow the pair to continue declining to the levels 1.1800–1.1700.