(Favorite)
We might be in orange wave ((c)) of pink Y of green (B).
Therefore, I'm looking for price to make a new low beneath 1.2662 around the 1.2630 - 1.2500 zone before rallying up for wave (C).
In this case we would be in an Expanded Flat, where wave B should ideally turn before the 138.2% Retracement wich is @ 1.1420.
(Alternative)
The alternate count suggests we are in a Triangle pattern and price will go up for a wave D then lower for wave E before going up again for wave (C).
This count gets negate if price move below 1.2696 (wave A)
In both cases, we expect higher prices.
The question is will this rally to the upside come now or from some lower levels ?