Estimated pivot point is at the level of 113.91.

Our opinion: Sell the pair from correction below the level of 113.91 with the target of 110.40.

Alternative scenario: Breakout and consolidation of the price above the level of 113.91 will trigger further rise to 115.42.

Analysis: Presumably, the formation of the wave (С) continues, within which the third wave iii of 1 of C is being formed. Locally, it is likely that the third wave of the junior level (iii) is being formed. If this assumption is correct the pair may decline to 110.41. Critical level for this scenario is 113.91. After breaking out this level the pair may continue to go up to 115.42, as part of the correction.



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