Estimated pivot point is at the level of 104.46.
Our opinion: Sell the pair from correction below the level of 104.46 with the target of 101.77. In case of breakout of the level of 104.46, buy with the target of 106.00 – 107.00.
Alternative scenario: Breakdown and consolidation of the price above the level of 104.46 will trigger further rise in the pair up to 106.00 – 107.00.
Analysis: Presumably, the formation of the one-two impetus has completed as the first wave of the upward correction (B) of the senior level. Locally, it is likely that the downward correction as the second wave is being formed. If this assumption is correct, the pair will continue to decline to 101.77. Critical level for this scenario is 104.46.