This pair is still in a consolidation by means of a corrective combination which might be close to its end or make a last attempt to test 1.2550. Nevertheless the 1 hour time frame will give us the first warning when the reversal is taking place.
The current leg lower seems corrective but this might very well be the first corrective leg of a 3 wave move lower to test 1.2550. Therefore I will be focusing on the reversal to determine whether that will be an impulse of lesser degree or a wave B consolidation of minor degree.