Unlikely. There is significant resistance at 1.2450, which is where the trend line resistance is at. Going BEYOND 1.250? Even more doubtful as of now.
But I'd keep a wide stop loss; market makers like to hit stop losses just before crashing down. that's why a lot of newcomers to forex say that the market is trading against them; they see prices hit their stopping points only to turn around afterwards.
It's not that the market is working against you; it's the institutions (hedge fundies, banks, etc.) who are doing that. They do fibonacci, chart patterns, and whatever else you use to trade. So it's obvious that they'll trade with your patterns in mind.
The few times when the market makers do deliberately work against the trend often doesn't turn out well; look at the Black Wednesday crash of the British pound. The BOE tried to defend until it could defend the pound sterling no more, and traders like George Soros profited a lot (Soros himself cashed in $1 billion in profits.)
Of course, this is med-long term outlook. In the short term (i.e. a few days ~few weeks), yeah, the market can screw you over. So I'd keep a close watch for any breaches in a support/resistance, and see if that becomes the new resistance/support respectively. That's one of the more accurate ways to tell the intraday trend.