Estimated pivot point is at the level of 114.95.
Analysis: Presumably, the formation of the wave (С) of the senior level continues. Locally, it is likely that the third wave of the junior level iii is being formed, within which the upward correction as the wave (ii) has completed. If this assumption is correct, the pair may continue to decline to 111.65. Critical level for this scenario is 114.95.
Alternative scenario: Breakout and consolidation of the price above the level of 114.95 will trigger further rise to 116.50.
Our opinion: Sell the pair from correction below the level of 114.95 with the target of 111.65 - 110.28.