Downswing is completed, which was a correction so far, not a reversal. We might consider downward reversal of the pair only after successful attack of the closest structure’s low (1.2786, watch the red arrow). However scenario of growth in direction of the resistance zone 1.2975-1.3011 appears more likely now (black arrow).
Local downward structure undergoes the stage of corrective upswing building, which is potentially limited by the last structure’s high (1.2916).
Thus we can consider further sell offs from 1.2900-1.2916 and upward reversal will take place after stabilizing above the 1.2916 mark.
Main scenario: Pullback to 1.2900-1.2916 and then decline in direction 1.2857.
Alternative scenario: Break above 1.2916 and further growth towards 1.2965.
Shorts from 1.2900-1.2916 to 1.2857.
Longs with count on break of 1.2916 to 1.2965.