Price has completed a 3-wave sequence (ABC structure) from 16th January 2017 low (1.1985) to 26th January 2017 high (1.2670), with a pull back to form a structure low at 1.2410.
With the recent sharp pull back on 2nd February 2017 from the peak at 1.2702, we are now expecting an expanding flat structure to develop before another move higher.