Estimated pivot point is at the level of 108.49.
Our opinion: Buy the pair from correction above the level of 108.49 with the target of 112.00.
Alternative scenario: Breakdown and consolidation of the price below the level of 108.49 will trigger further decline to 106.00 – 104.86.
Analysis: Presumably, the formation of the upward correction (B) of the senior level continues. Locally, it is likely that the third wave iii of A is being formed, within which the third wave iii of A is being developed with the targets of 111.93 – 112.00. Critical level for this scenario is 108.49.