Estimated pivot point is at the level of 104.29.
Our opinion: Sell the pair from correction below the level of 104.29 with the target of 98.90 – 95.00.
Alternative scenario: Breakout and consolidation of the price above the level of 104.29 will trigger the rise in the pair up to 109.00 – 110.00.
Analysis:Presumably, the formation of the fifth wave as a diagonal triangle continues in the wave A. Locally it is likely that the third wave of the junior level (iii) of v of A is being formed, within which the wave с) of (iii) is being developed. If this assumption is correct, the pair will continue to decline to 98.90 – 95.00. Critical level for this scenario is 104.29.