EURUSD 4th Wave to 1.2060/70?

EURUSD held the center line of the channel from the 11/2 low…again. This line has been support since 12/9. Clearly, it’s important. One scenario to consider is that weakness since last week is a 4th wave within the 5 wave cycle from the November low. If this interpretation is correct, then a drop to 1.2060/70 would unfold before one more leg up unfolds.