The pair decrease possibility remains.
Supposedly, the development of the third wave of the senior level within the four-hour frame continues. Locally, most likely the local correction as the wave (ii) of iii has finished, and the third wave (iii) is forming. If the assumption is correct and the price does not break through the critical level 123.72, it is logical to expect further decrease towards 120.35.
Sell the couple from corrections, below 123.72 with the target at 120.00-119.00.
Breakout and fixation above the level 123.72 would allow the pair to continue growing towards 126.00-126.50.