Estimated pivot point is at the level of 116.21.
Our opinion: Sell the pair from correction below the level of 116.21 with the target of 112.45 – 111.58.
Alternative scenario: Breakout and consolidation of the price above the level of 116.21 will trigger further rise to 118.42.
Analysis: Presumably, the formation of the wave (С) continues, within which the first wave has been formed. Locally, it is likely that the upward correction as the wave ii is being formed, within which a wave (с) is developing. If this assumption is correct, after the completion of the correction, the pair may go down to 112.45 – 111.58. Critical level for this scenario is 116.21.