Despite a solid bullish momentum upswing is unable to have big potential for further growth and needs correction. Given that structure doesn’t have a direct short-setup such correction may take the shape of flat in the 1.2308-1.2383 range and form a triangle.
Local structure has consecutive lower highs (watch the small blue arrows) that points to a weakness of bulls when approaching the highs. Thus scenario of downswing development to the 1.2306 region is the most likely option.
Decline towards 1.2300-1.2306 and then upward bounce.
Shorts towards 1.2300-1.2306.
Longs from 1.2300-1.2306.